It is the very nature of technology that companies need to constantly evolve or run the risk of failure, Goldstone tells MPA. That requires a very proactive approach by software providers in terms of reaching out to clients and learning what it is they need.
The TILA-RESPA Integrated Disclosure (TRID) rule is responsible for driving the push to improve technology and associated compliance systems; companies are actively investing in their compliance.
“The software you use needs to be capable of keeping track of the things that regulators are expecting you to be on top of,” David Lykken, respected industry analyst and regular contributor to CNBC and Fox Business News, told MPA.
It’s a message Goldstone and other industry providers have heard loud and clear. They’re now acting on it.
“This month we’ve launched an advisory board of 10 significant industry players in the lending arena who have a finger on the pulse of technology,” she says. “Our intention is to work with them throughout the year – to ensure we are constantly listening.”
“It is our job to monitor how loan officers are doing business,” says Kim Goldstone, director of marketing and corporate communications for Mortgage Returns. “We need to know what a loan officer’s job will look like in a year – or even two years from now – or we risk becoming obsolete.”