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The Impact Of New Information Technology On The Us Mortgage Industry

In: The Business And Information Technologies (Bit) Project A Global Study of Business Practice

Author

Listed:
  • 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)

Abstract

This 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.

Suggested Citation

  • Sunil Chaudhary & Michelle Green & Ramin Mahmoudi & Vicki Ting, 2007. "The Impact Of New Information Technology On The Us Mortgage Industry," World Scientific Book Chapters, in: Uday Karmarkar & Vandana Mangal (ed.), The Business And Information Technologies (Bit) Project A Global Study of Business Practice, chapter 8, pages 251-287, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812707611_0008
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