NMP - October 2016 - 83

source is a huge trend that lenders need to be embracing. on the right path, but it takes continuous work and dedication to ensure that we're providing cutting-edge technology that simplifies and streamlines the mortgage loan process, while ensuring that confidential data is well-protected and secure. As we move to an increasingly paperless industry, everyone will benefit- from the borrower to the closer, and everyone in between. Waterstone Mortgage Corporation President and CEO Eric Egenhoefer founded the company in 2000. He put industry best practices to work at Waterstone Mortgage, building it to sustain a responsible amount of growth in a short period of time. Egenhoefer has nearly 20 years of experience in the mortgage lending industry. 83 www.LykkenOnLending.com n National Mortgage Professional Magazine n OCTOBER 2016 Looking to the future The trend of automating data and pulling it from reliable data sources, they would likely prefer to apply on a mobile device. Again, many lenders view mobile solutions as a "nice to have" tool, but they should be an absolute requirement. Overall, there is so much efficiency to pick up, as an industry, when we can start implementing many of these technology solutions. We are NationalMortgageProfessional.com Complementing innovation with security Of course, with new technological innovations such as direct data comes the increased responsibility of ensuring that borrowers' confidential and sensitive information is protected. It's important for mortgage lenders to determine and meet consumers' expectations when it comes to information security. Last year, Millennials were the largest generational group of homebuyers, according to the National Association of Realtors (NAR). Many first-time homebuyers in this age category (34 and younger) are accustomed to trusting technology in a different way than previous generations. Millennial homebuyers often expect a superior level of security and trust when working with a mortgage lender. Information security methods such as dual-factor authentication in order to log in to secure portals are reassuring to Millennial homebuyers. While previous generations may consider this process to be frustrating or cumbersome, Millennials typically expect this level of protection, as it creates a feeling of safety when providing their confidential data. In today's lending environment, mortgage lenders are dealing with sophisticated e-mail phishing and hacking attempts, so information security absolutely cannot be compromised. Something as simple as allowing borrowers to e-mail bank statements or other confidential documentation is unsecure, and mortgage lenders cannot let our borrowers take those risks. As technology progresses, it's vital that information security remains in the forefront of our minds. sources directly and instantly will create tremendous efficiency in the industry. With this innovation will come other electronic solutions for the mortgage loan process. For instance, at this time, appraisal data comes electronically in the XML format. I can foresee a time when the review of an appraisal could be automated, instead of requiring an underwriter to look at it. When looking at risk, based on different business rules or acceptable tolerances, an appraisal could be accepted or rejected automatically. If you consider the various redundancies in the loan process, mortgage lenders also have great room for improvement in that area. Often, roles overlap, and many processors, loan originators, and underwriters are reviewing physical pieces of paper. If we're able to obtain electronic data directly from financial institutions or payroll services, the documents could essentially be classified as trusted, since they came from a verified source. Mobile solutions are another aspect of technology that should be on every mortgage lender's radar. Having mobile solutions that allow the borrower to interface with their loan originator, monitor the status of their loan, and potentially even apply for a mortgage are essential. At my company, we have had mobile solutions for our loan originators and production staff for several years and are now bringing them to the consumer in late 2016. Leading mortgage lenders should also be pursuing mobile applications. Today, most borrowers probably don't prefer to apply for a loan on a mobile device, simply because it's a lengthy process that requires uploading attachments, typing out large sections of information, etc. But if they could apply in a simplified way by inputting a username and password, clicking a few buttons, and granting their lender access to http://www.NationalMortgageProfessional.com http://www.LykkenOnLending.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
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NMP - October 2016 - Cover3
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