As a technologist or tech-minded executive, do you feel like you have a voice in the mortgage industry? No? Then it’s time to fix that. The mortgage industry itself is going through a lot of change. Lenders are going to be forced to literally reinvent themselves going forward to remain solvent, but change isn’t always bad. We at PROGRESS in Lending Association believe that business process re-thinking and optimization can make all the difference. This association is about educating mortgage participants about how to face real business problems and overcome those business problems through technology innovation.
Your voice can make all the difference in supporting mortgage participants facing the tough challenges ahead. What challenges you might ask?
For one, the Mortgage Bankers Association is saying that mortgage origination on residential one- to four-family properties is going to fall further this year. By how much? The MBA expects 2010 originations to come in at $1.28 trillion, a 39% decline as compared to origination in 2009. Lenders are going to have to be more agile to get their fair share in a decreasing market. That’s where innovation comes into play, but a lot of lenders just don’t know how to innovate. That’s where the participants of PROGRESS in Lending Association come into play. You know what it takes to solve real business issues through technology innovation and we want to give you a voice so these ideas can be shared and your voice can be heard.
Innovation is needed on the servicing side of the mortgage business, as well. RealtyTrac is reporting in its Year-End 2009 Foreclosure Market Report that a total of 3,957,643 foreclosure filings — including default notices, scheduled foreclosure auctions and bank repossessions— were reported on 2,824,674 U.S. properties in 2009. Why is that significant? That number represents a 21% increase in total foreclosed properties from 2008 and a 120% increase in total foreclosed properties from 2007. The report also shows that 2.21% of all U.S. housing units (one in 45) received at least one foreclosure filing last year, up from 1.84% in 2008, 1.03% in 2007 and 0.58% in 2006. To solve this business problem the federal government has offered up the HAMP loan modification program, but many trial HAMP modifications are not resulting in permanent modifications. Process re-thinking and innovation is required to solve this industry problem, as well.
We at PROGRESS in Lending Association believe in the ability to solve these and other issues the mortgage industry faces by combining sound business strategy and technology. That’s why we are dedicated to giving technologists and tech-minded executives a voice. We hope you’ll be a part of this cause and help reinvent mortgage lending for the better. Contact our chairman Tony Garritano at email@example.com to find out how you can support PROGRESS in Lending Association.