Rick Grant & Associates

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Back in the late 90s I interviewed some mortgage technologists who believed that the future of mortgage loan origination would not lie with mortgage brokers or even mortgage bankers, but with third party advisers. Financial planners, accountants and insurance agents would be the new originators, I was told, and the company–which is now out of business–showed me the platform it hoped they would use to write new business. Sometimes, new offerings are ahead of their time.

Recently, I visited with the CEO of a Web-based loan origination system (LOS) that was perfect for insurance agents interested in originating mortgage loans. The company had rolled it out to a bank owned by an insurance company, which had deployed it to its national network of agents. Nothing. But today, I saw some news that told me we might be getting there.
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It wasn’t that long ago that Doug Duncan, then chief economist for the Mortgage Bankers Association, was telling audiences how awful the U.S. financial services industry was at spending money on technology. He was right at the time, with banks spending much less than other industries and mortgage bankers spending, on average, about one-tenth as much as other business sectors. But times are changing.

In its examination of IT spending habits in the nation’s top 10 industries, Informationweek has concluded that banks are the new promised land for those who want to sell technology, especially if that tech is related to security.
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Costa Mesa, Calif.-based PriceMyLoan (PML) has integrated its Point of Sale automated eligibility and pricing tool with Freddie Mac’s Loan Prospector, the company said. The integration allows originators to obtain decisions from Loan Prospector from within the PML system. Originators query PML’s web-based engine to determine which products their borrowers qualify for and to obtain current pricing for those products.
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Mortgage Industry Advisory Corporation (MIAC), a leading provider of mortgage pricing, hedging, accounting and risk management solutions to the mortgage industry will host a User Conference in New York on November 17th & 18th, 2008.

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Despite an environment that rivals the Great Depression, at least from the standpoint of the mortgage lending industry, mortgage bankers from around the country have descended upon San Francisco for the Mortgage Bankers Association’s 95th Annual Convention. Early reports from the show indicate that attendance is down, but that business is proceeding. But not all of the business is being conducted by the lending industry.

Paul Jackson of HousingWire reports that for the first time in the history of the convention, the MBA has earned a contingent of protesters.

For those that are not dodging angry activists (who apparently aren’t even part of a housing-related non-profit) who think that housing is a natural right (right!), there is plenty of excitement at the annual show.  Read the rest of this article and use the poll to let us know if you’re at the show.
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While many are cutting staff or going out of business, Mortgage Banking Solutions, Austin, reports that it is adding people to its team. This time, Marcia Starcher joins the company’s executive sales team.

Many companies in the U.S. financial services industry are seeking highly qualified salespeople, but it takes a special person to accept a position, even with one of the better firms, during times like these. Personally, it’s good to see. As the industry moves through the downturn, those companies that can attract top talent now will be best positioned to lead the industry that emerges when all the dust settles.

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