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What Has the Great Recession Done for eMortgage?


The years leading up to the recent recession will be seen as a great lesson in irony. Banks are fairly conservative by nature, and are often slow to adopt new technologies. Mortgage lenders, investors and other industry players also had so many loans coming in three years ago that they could never fully invest the time and resources on process improvements such as eMortgage. After 18 months of total chaos, investors scrambled to determine the quality of the mortgage-backed securities they were holding, realizing how little data were really available to them. A failure by the mortgage industry to become more efficient and transparent is likely to quickly result in a repeat of history, especially in light of low interest rates and homeownership incentives designed to stimulate the housing market. However, the events of the past two years have made the widespread adoption of eMortgages inevitable.

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									What Has the Great Recession Done for eMortgage?
Andrew Krieger
Mortgage Banking; Dec 2009; 70, 3; Docstoc
pg. 84

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