Printer Friendly

It's Too Early.

NO ONE TODAY WOULD DESCRIBE THE WHOLESALE BUSINESS AS EFFICIENT, LET alone streamlined. And run like clockwork? Nope. But, it's getting there.

The Whole influx of the Internet into the wholesale business is arguably the most promising mix of the new technology and the old mortgage business. It's where the business-to-business (B2B) technology vendors are working really hard to make a difference. Several leading wholesalers are breaking new ground in allowing their brokers to submit loans, lock them, get approvals and check their status via the Internet. This is where the running-like-clockwork notion is starting to get traction.

But in this issue, we look at two examples where technology or simply reconfiguring the business process is paying some dividends already. In the case of fraud, our author, Dona DeZube, writes that new prefunding fraud-detection technology is starting to turn the corner on this long-running plague on the business. While wholesale certainly doesn't have a lock on mortgage fraud, it does seem to suffer from more than its share of it. DeZube's two-part article profiles the new arsenal of technology-bred weapons making wholesalers less defenseless.

In another article, we explore how one wholesale lender paired the novel notion of putting underwriters right in the broker's shop, along with a proprietary system hooked up to automated underwriting technology. This concept is speeding loan approvals dramatically. It all seems to revolve around faster and more direct communication. In this case, it's people-to-people.

We also give a nod to the election season with an article proposing a change to the tax code to help low-income renters have a better shot at homeownership. Then there's an article about how automated valuation models (AVM)--a fancy word for computerized appraisals--are battling opposition from traditional appraisers and inertia in the industry. That technology also holds promise to make the entire mortgage business run more like clockwork. And maybe the clock will even run on Internet time before too long.

JANET REILLEY HEWITT

Editor in Chief
COPYRIGHT 2000 Mortgage Bankers Association of America
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2000 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:mortgage banking and the Internet
Publication:Mortgage Banking
Article Type:Brief Article
Geographic Code:1USA
Date:Nov 1, 2000
Words:328
Previous Article:MORTGAGE APPLICATIONS INDEXES MORTGAGE BANKERS ASSOCIATION OF AMERICA.
Next Article:WASHINGTON MUTUAL TO BUY PNC MORTGAGE.
Topics:


Related Articles
Selling loans in cyberspace.
On-line in Oz.
Using the Internet to assist investment decisions.
THINKING ABOUT the Internet.
Virtual Speculation.
THINKING ABOUT the Internet.
The Fall of iOwn.
The Perfect Model.
POWER to the PEOPLE.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters