Industry NewsTechnology

Real estate lenders, brokers need tech connection

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Technology that connects mortgage brokers and wholesale lenders has become as critical to lenders as their core loan operating systems, according to a new research report from The TowerGroup. Mortgage brokers–an integral part of many lenders' business–increasingly expect tools that connect them with lenders they do business with, and tools that offer other features such as reducing the number of steps in the process. Lenders need to offer those technologies in order to maintain and grow their market share within the broker community. Lenders can build their own proprietary systems from scratch, license commercial systems from independent software vendors and customize them or license commercial systems with less customization. Despite the different options and the importance of such wholesale technology, some lenders have not put forth much effort or money in the area, said Craig Focardi, senior analyst at The TowerGroup and the report's author. "While most large wholesale...