Magazine article Mortgage Banking

Waiting for the Future. (on the Road)

Magazine article Mortgage Banking

Waiting for the Future. (on the Road)

Article excerpt

"We're HEADED TOWARD AN automated closing environment," said Richard Jones, managing director and chief technology officer for Countrywide Home Loans Inc., Calabasas, California. Speaking at the 5th Annual Mortgage Technology Conference in Miami in January, Jones described how the ideal automated process concludes: "The closing agent has a digital certificate land] a digital-signature pad, you select a package of documents electronically, get the customer to sign one time on a digital signature pad, and then you click all the way through them and you're done--closed all electronically, and you did not print one piece of paper," he said.

At the same Miami conference, Kirt Kaempfer, Tampa, Florida-based regional sales manager for Toronto-based Basis 100, patiently awaited the inevitable maturation of "Generation Y." When these early twentysomethings attain home-buying gravitas, Kaempfer reckons, online mortgage interactions will be as commonplace as Web shopping for books or vacation deals. "They're used to buying on the Web," Kaempfer said of these "young'ns." For now, though, the revolution has been delayed. "Two years ago, everyone said bricks were dead and clicks would take over," Kaempfer said. "Well, we haven't seen that happen--although we will when my kids' generation grows up."

Listeners at the same Florida conference heard jack Timpe, executive vice president of Ocwen Technology Xchange, West Palm Beach, Florida, use the term "ethical hacks"--which Timpe says is the term for a company's deliberate attempts to breach its own electronic databases. How is that done? According to Timpe, "Companies pay teen-agers a ridiculous amount of money" to try and break into their systems. Ethical hacks--now there's an oxymoron for you.

Retired Army General Barry McCaffrey has joined the ranks of television's talking heads since American military forces took up arms in Afghanistan. He is a familiar figure on the lecture circuit as well, and as keynote speaker in late March at the annual conference of the National Home Equity Mortgage Association (NHEMA) in Boca Raton, Florida, McCaffrey's presence drew considerable audience interest. Mixed in with his review of trouble spots around the globe, the retired military officer also had words of advice for businesses in this new, "post-9/11" era. "Companies need to have plans in place for running their operations for at least 72 hours" in the event of a power or people loss, or damage to the place of business, he said. "It [means] more than backing up your files or making sure your secretary takes the customer list home at night."

Fraudulent activity, known to be a gathering problem for the mortgage industry, has gone beyond a battle just for originators, servicers and investors. Credit-reporting firms, which lenders and others rely on for current, accurate financial data on borrowers, now reportedly are suffering similar troubles. Terry McComas, senior vice president of specialized sales channels in the Allen, Texas, office of the credit-reporting firm Experian, Costa Mesa, California, speaking at the NHEMA annual conference, said fraud has become "extremely serious" for support firms like his. These companies are being targeted by perpetrators of fraud, according to McComas, who said there is a growing number of "inside attacks" by employees. Externally, deceptive data alteration also is an expanding problem, and has stopped Experian from doing business with companies that register fewer than 500 trades. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.