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There have been countless press releases and news articles about how AI is changing the mortgage industry. The industry fears AI will ultimately replace everyone, from operations to loanofficers. As a loanofficer , I am not losing any sleep, and here is why you should not, either. The experience was terrible.
Leading mortgagetechnology provider Uplist recently announced a new integration with fellow tech firm Polly. This move grants loanofficers access to real-time insights that are designed to improve borrower assistance and engagement. The integration comes at a time of rising refinancing activity.
Even as artificial intelligence (AI) becomes more prominent in the mortgage industry, most millennial and Generation Z homebuyers are hesitant to rely solely on a fully automated application process to get a loan, according to a new study. About 58% of respondents still relied on loanofficers to guide them through the process.
Self-branded “financial fitness” platform FinLocker announced Wednesday that it will cover 100% of the verification costs for mortgage borrowers who use lenders’ FinLocker-powered apps. This is about fundamentally transforming how the mortgage ecosystem works together.”
Founder and CEO Vishal Garg made a eye-popping statement when he opined that “in the next 10 years, 99% of the (mortgage) tasks will be completed by bots and 1% by humans.” “The bulk of the tasks that are required to process a mortgage are going to be performed by AI bots over the next 10 years,” Garg said in an interview with HousingWire.
In the modern mortgage industry, lenders are not just setting themselves apart on who has the best Super Bowl ad or the biggest branch footprint, but increasingly also on their approach to technology. This article originally appeared in the January 2025 edition of MortgagePoint magazine, online now.
Cloudvirga , a subsidiary of Stewart Information Services Corporation , has announced the findings of a consumer survey that highlights the increasing digitalization of the front-end of the mortgage origination process and growing homebuyer expectations for an even more automated, digital experience. What Does the Future Hold?
Artificial intelligence (AI), predictive underwriting , and blockchain technology are becoming more common in todays real estate industry. Fortunately, information technology company Mortiles brings comprehensive solutions to the ever-changing title insurance, escrow and settlement arena. million into these technologies in 2024.
Federally registered broker and correspondent lender Milestone Mortgage Solutions has acquired Willow Home Loans and is looking to join the $1 billion origination club this year. “With this technology , we’re going to be able to flip the script. Willow will fold into Milestone as part of the deal. ”
Fluctuating interest rates and a fast-changing market Last month, we saw the Federal Reserve deliver their long-awaited decision to lower interest rates with a 50 basis points cut, and 30-year mortgage rates reached as low as 6.08% according to ICE’s 30-year fixed conforming rate index.
What drives the secondary market and mortgage industrys top innovators? This series unveils the personal and professional moments shaping Pollys executive team and their vision for a better mortgage future. Jon Foys journey from Montana to Polly is driving innovation in the mortgage industry.
NEXA Mortgage , the largest mortgage brokerage firm in the U.S., will pay its loanofficers 100% of the commission splits “without any per-file fees or other hidden fees,” according to co-founder and CEO Mike Kortas. NEXA usually pays loanofficers 220 basis points (bps) out of 275 bps on most loans.
Better ‘s fourth-quarter and full-year 2024 earnings call showcased the company’s growing revenue and its plans to further integrate artificial intelligence into the mortgage process. And that’s pretty groundbreaking for the mortgage industry. I see us being 40 times more productive for our loanofficers.
Reston, Virginia -based mortgage software company RETR announced this week that it has hired two new senior leaders to guide the company’s growth efforts. Before joining RETR, she founded PlacedE, a boutique mortgage recruiting and coaching firm. RETR was founded in 2022 by Wynands and chief technologyofficer Steven Mincemoyer.
Polly/ AI: AI-powered copilot for loanofficers Fueled by Polly’s proprietary technology and data, Polly/ AI leverages powerful, state-of-the-art AI/ML and natural language processing (NLP) to transform the way loanofficers conduct business and provide consumers with superior mortgage products and prices.
Tomo Mortgage on Tuesday announced the closure of $20 million in Series B funding that was led by three existing investors and a new participant. While other mortgage lenders tout automation, facilitated by way of call centers or outsourced service providers, Tomo is the real deal, said Pete Flint, general partner at NFX.
CreditXpert , a leading mortgagetechnology company, announced on Wednesday the launch date for its new credit optimization platform. The new credit optimization platform will combine the best parts of the What-if Simulator and Wayfinder tools, giving mortgage professionals the power to reach more clients and close more loans.
Do loanofficers need more technology than they currently have? Will new technology change anything? Most loanofficers do not believe they need more tech than they have now. Most loanofficers do not believe they need more tech than they have now. They do not need more technology.
In a fiercely competitive market , mortgage originators need to rethink everything to gain market share and become savvy. Adopting an educator-first mindset, coupled with a willingness to reach, assist, engage and nurture early-journey first-time homebuyers, are the defining attributes of a next-gen loanofficer.
26 in Dallas, provided valuable insights into the forces shaping the mortgage and housing markets in 2025. With economists, analysts and industry leaders in the room, discussions revolved around key economic indicators, inventory shifts, technology advancements and what lenders should be doing right now to prepare for the next cycle.
Customer intelligence and mortgage tech firm Polly named Troy Coggiola as its chief operating officer amid the company’s effort to scale. He has more than 25 years of mortgagetechnology and enterprise software experience with his latest stint being chief product officer at Accela , a government tech provider.
Better said its new tool communicates with potential and current customers by answering mortgage application questions, verifying outstanding application data and connecting with Tinman in real time. Kevin Ryan, Better’s chief financial officer, said that the average cost to sell and process a mortgage in the U.S.
1 loan originator in the country by volume for at least five years, is assuming the role of president at Rate Mortgage , the company announced Tuesday. 8 on the Inside Mortgage Finance ranking of top originators at just under $40 billion. 1 mortgage company in America. SB: Our technology is amazing.
Optimal Blue ’s newly launched mobile app for the Optimal Blue PPE – one of the industry’s most widely used product, pricing and eligibility engine – gives loanofficers full product and search capabilities from their mobile phones. All eligible products and rates are presented – including any adjustments, notes, and advisories.
Top 10 mortgage lender Rate — previously known as Guaranteed Rate — announced a new promotion on Wednesday. The company named veteran mortgage professional Connie Lindsay as its senior vice president of mortgage lending in Washington state. Most recently, Lindsay served as a mortgageloanofficer at U.S.
Should the goal of marketing technology be to make it so that a loanofficer never needs to log in? I started in the mortgage industry in 2015, working for large banks that were heavily invested in using technology to simplify the loan process for everyone involved.
Fintech software and hardware company Mortgage Automation Technologies, Inc. announced on Monday that it has integrated its next-generation point of sale system, The BIG Point of Sale, on the latest API Platform available through ICE MortgageTechnology , a division of Intercontinental Exchange, Inc.
“From loanofficers to secondary marketing teams and investors, we empower mortgage professionals with tools designed to maximize their profitability on every loan transaction.” ” The announcements were made at MBA Annual in Denver.
Together, we will improve the experience by connecting traditionally disparate steps of the search and financing process with leading technology that removes friction, reduces costs and increases value to American homebuyers. Rocket and Redfin have a unified vision of a better way to buy and sell homes, said Krishna.
The platform is intended for housing professionals in various sectors, including 5 million loanofficers, appraisers , servicers , underwriters , developers, agents, brokers, attorneys and regulators. Through Araya, CoreLogic will give customers access to the data and analytics of nearly all U.S. properties on one platform.
Intercontinental Exchange (ICE) completed its acquisition of Black Knight Tuesday, making the combined company the biggest player in the mortgage tech space. I sat down with Tim Bowler, president of ICE MortgageTechnology, a business unit of ICE, to talk about the company’s mortgage automation strategy — and what keeps him up at night.
Top-producing loanofficer Christopher Keelin has taken his 80+person team over to CrossCountry Mortgage to “take advantage” of the lender’s technology while scaling his business. Keeling also previously held the role of branch manager at Advisors Mortgage Group.
Digital mortgage automation solution provider Floify launched verification of income (VOI) and verification of employment (VOE) waterfall technology that aims to save lenders and mortgage brokers time and reduce costs during the loan origination process. Founded in 2013, Floify — a subsidiary of Porch Group Inc. —
If there’s one word to describe today’s successful marketers in mortgage and real estate it’s “adaptable.” Marketers like 2023 Marketing Leader and USA Mortgage’s Senior Vice President of Marketing, Chelsea Vonder Haar , who has been a driving force behind USA Mortgage’s marketing success.
And, in the mortgage industry, AI will play an instrumental role in helping loanofficers to be more efficient, according to Nima Ghamsari , Blend ‘s co-founder and CEO. The most difficult part, however, is building the technology. Blend’s mortgage banking software processed 23.2% in the second half of 2021.
HousingWire recently spoke to Sandra Madigan, EVP of product strategy – servicing technology at ICE MortgageTechnology , about improving the home buying and ownership experience with technology and how the industry can do so thoughtfully. I compare it to how people felt before the iPhone came out.
It seems that everyone in mortgage and real estate has an opinion about Rocket Mortgage ‘s pending $1.75 After the deal was announced, CEO Varun Krishna told investors that he expects a lift in purchase mortgage growth after the deal closes. Essentially, it’s the holy grail of mortgage and real estate tech.
Add American Neighborhood Mortgage Acceptance Company LLC , doing business as AnnieMac, to the list of mortgage lenders that have recently suffered a data breach from a cyberattack. billion in mortgageloans in the last 12 months, according to the mortgage tech platform Modex estimates.
Top mortgagetechnology executives say their companies are embracing artificial intelligence (AI) in their operations but still relying on human decision-making to sell loans. “There’s one question every CEO, CTO, CIO, loanofficer, processor, underwriter, they all ask the same thing: will AI replace my job?
Buffalo, New York-based mortgagetechnology firm LenderLogix , a top provider of point-of-sale (POS) and automation software for independent mortgage banks , commercial banks and third-party brokers, announced Thursday that Ben Head will join the company as an account executive.
Editor in Chief Sarah Wheeler sat down with Jeff Bell, president of both UpWell Mortgage and software company Uplist , to talk about how he thinks about technology, and the good news that the industry is turning a corner after two rough years. Sarah Wheeler: How does being an originator inform how you think about technology?
Tennessee-based multichannel mortgage lender First Community Mortgage announced on Wednesday that it has selected the Blue Sage Solutions digital lending platform and its LION Consumer POS to help scale its growth efforts across the 48 states it operates in.
loanofficer Timothy Potempa has departed Dallas-based multichannel lender OneTrust Home Loans to join E Mortgage Capital , bringing his team of about 40 people and more than $300 million in annual production to the company headquartered in California. ” According to Scotsman Guide , Potempa was the No. million. .
Editor in Chief Sarah Wheeler sat down with Chad Smith, president and COO of Better Mortgage , to talk about leadership, technology, and how they have pivoted their business strategy to meet the needs of this market. Sarah Wheeler: The mortgage business has had a pretty rough couple of years.
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