Leo Loomie featured in Scotsman GuideSeptember 04, 2020
Leo Loomie, SVP, Client Development at Mphasis Digital Risk, was featured in Scotsman Guide in the article titled “Pandemic topples Digital Mortgage barriers” discussing how lawmakers and regulators have eased restrictions on a paperless mortgage process during the health crisis.
A truly paperless digital mortgage process has been the ‘white whale’ of the industry. While adapting to new work conditions as a result of the pandemic, many lenders have opened up to the idea of digital mortgages and trying to facilitate the same, but the components of the lending process that require physical proximity, present a real risk to the industry. Hence, government authorities have introduced legislation to ease certain requirements.
“The allure of a truly digital mortgage has always been clear: improved consumer experience, significant cost savings, greater efficiency and faster, frictionless loan closings, among other things,” Leo said. “Banks, nonbank mortgage originators and loan servicers should look to push further by adopting and fully utilizing other compatible technologies across different platforms.
Read the full article to know all the legislative and regulatory changes to help ramp up a true digital mortgage process.