As CEO, I’m tasked with looking into the future and, with my management team, setting the vision we will work together to achieve. It’s one of the best parts of my job as it forces me to be realistic about where we are, what we can offer and what the industry needs, but also allows me to plan ahead to create a better future for all of us.
This is an exciting time to be a visioneer. The technologies we are developing today are meeting the high standards our industry must adhere to and solving problems that in the past were onerous and overly expensive. And our tools can do it while significantly decreasing risk for our clients.
Now, I’d like to see more industry players adopting these new technologies faster.
We’re already seeing some of this on the origination side of the business, driven largely by consumer demand and the threat posed by the entrance of new fin-tech players. The push to the digital mortgage has sent many lending executives back to the market to find new and better tools and we’re seeing the results in better loan quality and high customer satisfaction.
It’s time for the mortgage servicing industry to begin availing itself of the great tools that are now available and I fully expect to see more of these players adopting new technologies in the future. But as they embark upon this strategy, they’ll be looking for great strategic partners to guide and support them along the way.
I’ve thought a great deal about the qualifications such a strategic partner must possess in order to be the best candidate. Below is my list that I feel is ranked in order of importance.
- They must be fully compliant. If they lack this capability, nothing else matters.
- They must have excellent document research capabilities.
- They must be innovative, creating new products just before they are requested.
- They must be expert at collateral storage and document custody.
- They must understand multi-tenancy and have the ability to both physically and electronically separate all information from different clients. This can be very expensive and is a new barrier to entry in the space.
Finally, the right partner must be able to add any client-specific needs to this list and then sort the list to match the priority of the client.
Every company we serve is different and they all come with their own requirements. The right partner will understand that and then create new systems that standardize the delivery of all services to the client’s unique demands.
As servicer’s continue to embrace new technologies, NTC will remain the best choice among all strategic partners. That’s our vision and we will see it become a reality.