NMP - October 2016 - 67

transactions. Having a digital process allows for constant communication between the lending side and the borrowers. The ability to access mortgage documents via mobile allows for countless opportunities to expedite the process as the next required task moves from person to person. The upcoming generations, will have a better grasp on the capabilities of mobile access and, unlike their predecessors, will be comfortable making large purchasing and transactional decisions on a mobile device. The holdup With all of these benefits, and considering the cost savings alone, why haven't more adopted a new way of conducting business? There are several things that factor into the equation, leaving many of us reluctant to change. One of the primary reasons being the time and cost associated with updating a system that has, until recently, worked for decades. Especially with larger lenders, adopting change can be a slow, challenging and expensive process. Along with employee attitudes that may naturally be reluctant to alter habits and change learned processes, the actual technology has some concerned. The mortgage process is a monster of rules and regulations that are constantly changing and ensuring that your organization is always up to date and compliant at every step of the lending process is no easy task. That fear of non-compliance has some lenders worried and hesitant to adopt new technology. It may have taken years to personally master the overwhelming amount of regulations that go into a loan. However, having technology that can check for accuracy can stop potential problems before they rear their ugly head. What's next? It's time for the mortgage industry to get with the times and implement modern-day solutions to best service customers while also improving the bottom line. There is an incredible amount of unnecessary time wasted with current standard operating procedures and old-school systems like paper-based communications. Imagine a world driven by data rather than the speed at which you can manually enter personal information into your computer from a 20-page paper form. And this is just one component of the lengthy process. Think of how much more your business could achieve in a day if you just automated that single element. The future of mortgage banking is bright. It may be accessible from your phone, computer, tablet, or even smartwatch, 24 hours a day, seven days a week. It's time to put down the paper and embrace a simplified, technology-driven lending process. Trust me, your customers will thank you, and I guarantee you'll see that positively impact your organization's health and longevity! Bill Dallas is co-founder and chief executive officer of cloudvirga. He is a visionary in the fintech industry, responsible for founding and managing more than a dozen mortgage and financial tech companies over the past 40 years. Bill holds a law degree from Santa Clara University School of Law, as well as an undergraduate degree from Bowling Green State University, where he graduated magna cum laude. Bill may be reached via LinkedIn at LinkedIn.com/in/BillDallas. 67 How many reverse mortgages have you originated this month? Call us today, and together, we will turn "none" into "many"! Flexible, Scalable, Fast Market Entry or Growth Options Complete Support and Fast Tracked Training and Education Wholesale, Correspondent and Turnkey Programs www.mhodportal.com or partners@mhodportal.com Chris Munson VP Sales and Marketing cmunson@moneyhouseus.com 678-459-2252 Tammi Clarke AVP, Partner Services Director tclarke@moneyhouseus.com 678-459-2257 The Money House, Inc., HUD, HECM Direct Endorsement Lender, NMLS ID: 169716 and Ginnie Mae HMBS Issuer. n National Mortgage Professional Magazine n OCTOBER 2016 If the answer is NONE, we really need to talk! Reverse Mortgage media and consumer focus is signi´Čücantly increasing..... You are missing out on a great opportunity to increase both your revenue and networking potential. NationalMortgageProfessional.com Money House On Demand Team http://www.LinkedIn.com/in/BillDallas http://www.NationalMortgageProfessional.com http://www.mhodportal.com

Table of Contents for the Digital Edition of NMP - October 2016

Table of Contents
NMP - October 2016 - Cover1
NMP - October 2016 - Cover2
NMP - October 2016 - 1
NMP - October 2016 - Table of Contents
NMP - October 2016 - 3
NMP - October 2016 - 4
NMP - October 2016 - 5
NMP - October 2016 - 6
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NMP - October 2016 - Cover3
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