Magazine article Mortgage Banking

Time to Reboot

Magazine article Mortgage Banking

Time to Reboot

Article excerpt

Change is the watchword in the mortgage business today. For a business that has remained pretty set in its ways for decades, things are being shaken up pretty radically in 2012. And it's not the technologists dictating I the change. Nor is it the chief executives or the chief information officers. It's the nation s regu lators and attorneys general. (There's a moral in there somewhere.)

The irony is for years the industry's technologists have been arguing there is a better way to accomplish the creation and servicing of mortgages. They have preached for better technology, better processes, better data, less paper--and only a fraction of the industry really listened. But today, when the regulators speak--saying many of these same things--the industry finally has been forced to take the message to heart.

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In an article this month by George Yacik titled "Rethinking Servicing Technology," we hear from many who are right in the center of the radical transformation that is happening in servicing. The author correctly identifies the primary driver of the changes occurring in servicing, and notes it is not the search for better profits, greater efficiency, a better customer experience or anything like that. It's the arrival of the Con sumer Financial Protection Bureau (CFPB).

Yacik quotes from CFPB Director Richard Cordray's op-ed piece in Politico, where he writes, "For the first time, the federal government will have the authority to look into the entire mortgage servicing market. …

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