Industry News

BridgeSpan bets on technology, not title

Product offers refinance-weary lenders new operating efficiencies

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BridgeSpan CEO Larry Walker has taken a calculated risk with his decision to shut the company's two small title subsidiaries and focus instead on a mortgage automation product that hasn't scored significant adoption among lenders. "We think we have an (electronic) process that beats (the paperwork approach). If we can just get the lenders to adopt the process, we will have it made," he said. BridgeSpan rolled out its eMortgage Axis electronic mortgage processing system in 2002. A few lenders are using components of it, but no one is using the entire end-to-end system, according to Walker. He thinks opportunity is about to knock. Indeed, lenders are turning their attention from the deluge of mortgage refinancing applications to the potential efficiencies and cost savings of new technologies. They're are shopping for new products and systems and some have approved budgets to spend, according to one survey. "We did four pilots with electronic mortgages. The pilots worked fine, and t...