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I N D U S T R Y I N S I G H T / G A G A N S H A R M A
If you stop and think about it, the technology we use in
our daily lives is truly mind-blowing. Take Google, for
instance. When you begin typing a request into its search
bar, the engine starts to guess what you're looking for—even
showing you suggestions while you're still typing. is level of
sophistication requires a lot of data and extremely advanced technology.
Can we do something similar when it comes
to servicing mortgage loans? Yes, we can.
We are on the cusp of a quantum leap
in our industry, as the technology we use is
catching up to the tremendous amount of data
we already possess.
As we are all probably aware, the mortgage
industry has not historically been known
as the most cutting edge, especially on the
servicing side. But things are changing—and
quickly. Mortgage servicing technology is
starting to catch up with the vast amount
of data we have accumulated over the past
several years, allowing us to make full use of
that information and improve what we do.
DIGGING THROUGH THE DATA
Most servicers now store more than 10,000
fields of data on every loan they service. Just a
few years ago, the industry typically captured
and stored no more than a couple of hundred
data points.
Technology improvements still haven't
fully caught up to the vast amount of data we
capture, but servicing systems have become
much more robust over the last few years. In
THE HOPE OF
HIGH TECH
Mortgage technology is advancing, but soon the possibilities
for servicers will enable faster, better, and higher quality
performance than ever before.
