OpinionIndustry News

Mortgage industry faces more cutthroat competition

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The competition our athletes face in the 20th Olympics this coming February in Turin, Italy, will be nothing compared to the competition that will hit lenders within the next 12 months. Streamlined first mortgage settlements, increased industry regulation and the evolution of e-lending are three trends that will be part of the winds of change shaping our industry in 2006. Here's what my executives foresee for our industry next year:  Streamlining first mortgage settlement services: Until now, the first mortgage settlement industry hasn't experienced the efficiencies of a centralized purchasing environment like home-equity lending has. That's primarily because consumers still pay for everything at the table and no one's been negotiating on their behalf. But that will change next year because lenders will significantly begin to use bundled, streamlined services on first mortgages as a way to differentiate themselves in the marketplace. As a result, we expect the highly inefficient...