The Voice • August 2018
The US Treasury Department released an assessment of how financial technology is currently applied by participating parties within the mortgage lending industry. The overview gives an evaluation of the current practices involved with assignment and issuance of a mortgage. Additionally, the report gives the Treasury’s recommendations for adopting technology that will help to advance the experience of the mortgage consumer. Their vantage point – the mortgage industry has been a longtime user of strong information technology, but as a whole has been slow to adopt innovation into the process.
Their findings indicate a strong need for necessary movement towards digitized processes and services. Regarding current recording technology, the Treasury distinctly recognizes services such as eRecording and eNotarization as essential components to shorten the mortgage process and advocates for their adoption in all cases.
Ideally, the Treasury wants to see technology applied to give the consumer a fully digital mortgage process, rather than a partial-digital/partial-paper process. Overall, they strongly urge local county recording offices to adopt recording technology that is time-saving, cost-saving, and above all – electronic.