Last month (October), the Mortgage Bankers Association (MBA) held their annual (2010) convention in Atlanta. Each year, this event is designed to draw the industry’s best and brightest to one location for a few days of seminars, exposure to vendors, meetings and networking. As we do most years, DocuTech exhibited at the show, sharing information with lenders and bankers on the compliance and document services we offer.
But the convention isn’t just a sales event for DocuTech. This show gives us the chance to hear and speak about the top issues facing lenders today. Here are three main themes we heard as we walked the halls of the Georgia World Congress Center.
Fear of the Unknown
If there is one issue that was talked about above all others, it was the recent passage of the Dodd-Frank Financial Reform Law. The main issue is not that new regulations are being pushed down, however. Lenders are accustomed to working in a heavily regulated environment. The biggest fear is the unknown.
The Frank-Dodd law promises major changes, but it is very vague in the details. The new Consumer Finance Protection Bureau (CFPB) is charged with drafting the details of the law, including which loans are “safe” from risk retention, specifics for appraisal laws and reform of disclosure laws.
At DocuTech, we have a staff of lawyers tracking the developments of the reforms, and we will ensure that you will know how to comply with any new regulations and that ConformX will be able to handle any changes that come from Washington. We’re not just sitting and waiting, though. We are also working to ensure lenders have a voice with the CFPB and trying to make sure any regulations pushed down are fair to both consumers and lenders.
Role of Technology
Another theme we heard was how technology plays a very different role in the industry during this crisis. A decade ago, most mortgage software was focused on one thing: increasing volume. Unfortunately, this sometimes came with a sacrifice of loan quality.
Now the industry is seeking technology that puts more attention on the quality of a loan. Technology systems that can ensure that a loan meets the parameters of law and investor demands are the ones being adopted the most.
DocuTech has always focused on both speed and quality. Since our founding in 1991, DocuTech has guaranteed the accuracy and compliance of the documents produced and provided a more time-efficient way to generate and track disclosures and closing documents. Our focus has not changed. Our commitment to you is top-notch compliance and easy-to-use technology that saves time and increases accuracy.
A Light at the End of the Tunnel
The final theme we heard in Atlanta was one of guarded optimism. Despite economist reports that loan originations will drop below $1 trillion next year, the overall mood of the conference was fairly upbeat. The survivors still in the marketplace feel like they have seen the worst and have made the adjustments needed to succeed in this new decade.
The same goes for us. DocuTech has been a trusted partner for our customers for nearly 20 years. We have worked hard to develop partnerships and integrations with all of the major LOS systems in the industry, and we have focused on providing the best document and compliance software, so that we can grow with you.
These past couple of years have been hard on everyone in the mortgage industry. But know that for every recession, there is a time of growth and prosperity that follows. We plan on being with you every step of the way, ensuring that you have the tools needed to efficiently and accurately manage the documents needed to close loans.