NMP - December 2016 - 90


Crafting Your Digital Mortgage Strategy
for 2017 By Valentin Saportas
nyone who
attended this
year's Mortgage
Bankers
Association
Annual
Conference got a completely
different vibe than that of the
2015 conference. While the
dominant topic in 2015 was
regulation-TRID to be
precise-the indisputable focus
of the 2016 conference was
digital mortgages, and in
particular, delivering a
consumer-friendly digital
mortgage experience.
Perhaps the biggest news of
the event came from one of the
industry's most visible leaders,
Fannie Mae, who announced its
Day 1 Certainty initiative.
Among other things, Day 1
Certainty gives lenders freedom
from representations and
warranties with respect to
important parts of the mortgage
origination process that have
traditionally been paper-based,
such as asset, income and
employment validation. The
technologies behind Day 1
Certainty make it possible for
lenders to gather borrower data

A

DECEMBER 2016 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

90

in digital format and submit it to
Fannie Mae digitally for an
easier, quicker and more
accurate review and verification.
This digital process not only
benefits lenders by making the
process more efficient and less
costly, but it also benefits
borrowers in many ways,
primarily by making the
mortgage experience less
document intensive. For
example, instead of asking
borrowers to provide PDF bank
statements multiple times
throughout the process to verify
assets, borrowers can now link
their bank accounts to the
lender for the duration of the
mortgage process and avoid
what usually becomes a
prolonged back-and-forth with
the lender for just one of several
documents that must be
submitted for underwriting.
Why your growth strategy
for 2017 should include
digital mortgages
If process efficiency and a more
seamless consumer experience
is not compelling enough for
you to consider going digital in
2017, consider this then: More

and more borrowers are
demanding a better, digital
mortgage experience and you
will miss out on their business if
you cannot effectively deliver it.
Companies like Quicken Loans'
Rocket Mortgage and many
other technology-enabled
mortgage lenders are spending
millions of dollars every month
to raise consumer awareness
about a better home loan
experience powered by
technology.
Even if you pride yourself with
providing the best customer
service, your customers too are
hearing this message. And it's
not just your customers, it is
also your referral partners and
employees who are hearing it
loudly and clearly. Therefore, a
comprehensive digital mortgage
strategy includes all
stakeholders in the mortgage
process and addresses the
needs of both external and
internal participants.
In addition to making your
mortgage process more
efficient, helping you recruit
loan officers, reducing costs,
increasing online conversions
and helping your organization

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"OrigiNation" column in National Mortgage Professional Magazine, with your consent of course, by Andy W. Harris. People want to hear
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deliver a seamless experience
through multiple channels, other
benefits of going digital are
related to compliance and data
analytics. Modern mortgage
platforms-oftentimes in
conjunction with your loan
origination system-allow you to
design workflows around
important compliance events,
such as making sure you provide
disclosures to a borrower within
the established regulatory
timeframe.
Modern mortgage platforms
also make it easy to track and
log any changes made to a loan
file, so there is never any doubt
as to who did what and when.
For example, your platform can
log the exact time the borrower
submitted the 1003 or if and
when the borrower made
changes to the 1003 after
submitting it and exactly what
changes were made. If the loan
officer makes changes, it can
also log that with precise
timestamps and allow the loan
officer to add notes relating to
that change.
Finally, today's digital
mortgage platforms are built
with data analytics and reporting
in mind. They can either allow
you to easily access and view
the data collected through the
platform or integrate with your
preferred data analytics and
business intelligence dashboard
to seamlessly and securely
transfer the data from one
system to the other. As the
business teaching goes, "you
can't improve or manage what
you don't measure", and it has
never been easier to collect and
analyze business data with new
and affordable solutions in the
market.
One quick piece of advice: If
you don't yet have a data
analytics or business intelligence
solution, don't go overboard
with it. Start by identifying three
or four actionable key
performance indicators (KPIs)
and, if necessary, grow from
there once you have a good
handle on those.
Crafting your digital
mortgage strategy
Although it may seem like a
daunting task, putting together a
digital mortgage strategy does

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

Contents
NMP - December 2016 - Cover1
NMP - December 2016 - Cover2
NMP - December 2016 - 1
NMP - December 2016 - Contents
NMP - December 2016 - 3
NMP - December 2016 - 4
NMP - December 2016 - 5
NMP - December 2016 - 6
NMP - December 2016 - 7
NMP - December 2016 - 8
NMP - December 2016 - 9
NMP - December 2016 - 10
NMP - December 2016 - 11
NMP - December 2016 - 12
NMP - December 2016 - 13
NMP - December 2016 - 14
NMP - December 2016 - 15
NMP - December 2016 - 16
NMP - December 2016 - 17
NMP - December 2016 - 18
NMP - December 2016 - 19
NMP - December 2016 - 20
NMP - December 2016 - 21
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NMP - December 2016 - Cover3
NMP - December 2016 - Cover4
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