THE IMPACT OF NEW INFORMATION TECHNOLOGY ON THE US MORTGAGE INDUSTRY

Sunil Chaudhary, Michelle Green, Ramin Mahmoudi and Vicki Ting
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Sunil Chaudhary: Founding Principal of Riviera Partners, India
Michelle Green: MBA Graduate of the UCLA Anderson School of Management, USA
Ramin Mahmoudi: Graduate of the UCLA Anderson MBA program, USA
Vicki Ting: MBA Graduate of the UCLA Anderson School of Management, USA

Chapter 8 in The Business and Information Technologies (BIT) Project:A Global Study of Business Practice, 2007, pp 251-287 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThis paper identifies the technologies that will have significant impact on the United States consumer loan origination process in the next five years and what their impact will be on the major industry trends. Major industry trends considered include “the paperless mortgage, ” one-stop shop, automation and outsourcing, and the continuing role of brokers and agents. Enterprise software and extensible markup language, intelligent systems, electronic signatures, security, and document imaging are identified as the key technologies. The paper concludes that the technologies will affect the loan origination process, but the level of change with respect to the industry trends may not be significant. The paperless mortgage will not be commonplace and the role of brokers and agents will not be eliminated in the next five years. On the other hand, the adoption of the five technologies will increase the level of automation and the use of outsourcing and the creation of one-stop shop for both home buying needs as well as diversified financial needs in the next five years.

Keywords: IT Impact; IT Survey; Technology Driven; Business Practice; Business Continuity (search for similar items in EconPapers)
Date: 2007
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