Industry News

Next big thing in mortgage technology

Alternative credit scoring, streamlined loan processing top lenders' tech lists

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Lenders, realty agents and even borrowers stand to benefit from new mortgage technology innovations, according to a new industry study. Two of the next big things in mortgage technology cited in the study are lenders' increased adoption of alternative credit scoring products for marginal-credit home loan applicants and tying together parts of the lending process to create a more synchronized system for lenders. Keeping pace with the rest of the mortgage industry on technology adoption is critical for lenders to maintain operational efficiency and sharpen a competitive edge. Mortgage technology also works toward faster real estate deals for real estate agents and consumers. Alternative credit scoring such as Fair Isaac's NextGen as well as alternative credit reports for mortgage applicants with less traditional credit will increase lenders' ability to serve immigrant and emerging markets, according to the study, "Mortgage Technology: The Next Big Thing(s)," conducted by Needham, Ma...