Amid a renewed focus on improving customer service and the overall borrowing experience,
CRM and process automation software are leading technology priorities for lenders and servicers surveyed by NMN and SourceMedia Research. In addition, both segments of the industry are bullish in terms of their staffing outlooks. More than 300 industry professionals, including C-suite and other senior-level executives at mortgage origination and servicing firms of all sizes, responded to the September 2015 survey.
In line with this renewed focus on
For those originators who covet millennial customers, mobile technology and social media are seen as potential drivers of success. However, one application that appears to lag in terms of adoption is electronic signature technology, the use of which remains muted due to perceived challenges in consumer and investor acceptance.
Lenders' technology objectives in 2016 are
When it comes specifically to loan origination platforms, respondents have not been idle. Around half said their companies had upgraded their LOS in the past 12 months. Tellingly, a similar fraction said it has been three years or more since their firms engaged with a new LOS vendor, demonstrating the considerable "stickiness" that vendors have once their systems are in place, even as lender expectations and compliance requirements demand enhanced functionality and usability.
One area presumably firmly in the process improvement space that has yet to gain serious traction is e-signatures. While attitudes among respondents toward the technology are generally positive, long-standing concerns about customer and investor acceptance and legality remain major impediments to adoption.
This year marks the 15th anniversary of
When asked specifically about electronically-signed promissory notes, also known as e-mortgages, 48% of all lender respondents named investor acceptance the most important factor influencing their firms' decision to not use the technology.