Technology May Be Home Lending Equalizer
Credit unions that want to remain competitive in housing finance over the next decade will likely have to confront the issue of how to add technology to their mortgage loan origination systems.
Mortgage issuers use loan origination systems to manage the loan process from the initial taking of the application through to the closing of the loan.
Adopting a loan origination system can help a credit union more effectively manage the regulatory burden that comes with mortgage issuing, Green said. Using a LOS can help credit unions standardize their regulatory compliance in a way that it might not be able to do without one, he added.
Matt Cotter, senior vice president of sales for MortgageBot largely agreed, particularly with the impact a good LOS can have on a credit union's regulatory compliance and on the percentage of mortgage loans that makes it through the process from the point of taking to the application to the closing.