Mortgage Banking Magazine
Digital Risk’s Chief Legal Officer Debbie Hoffman and co-author Dr. Rick Roque, Managing Director of MENLO Company, have been published in the June issue of Mortgage Banking Magazine. Their article, “2016 is 1998,” also quotes Digital Risk’s Chief Technology Officer Eric Rawlings.
Throughout the article, the co-authors compare the similarities between today’s heavily regulated, compliance-burden environment and the climate in 1998 when managing risk under the Gramm-Leach-Bliley Act brought about similar results. In both instances, the industry had to embrace technology in order to move toward a consumer-centric model, thereby fueling origination market growth.
Hoffman and Dr. Roque explain how regulatory influence has spurred growth in technology, why consumers now demand more control over the mortgage loan origination process, how technology needs to be updated to meet changing consumer needs, and what exactly is holding the mortgage industry back from executing these necessary updates. Rawlings is quoted on how technology providers must innovate and embrace adaptability as a business strategy.
“According to Digital Risk Chief Technology Officer Eric Rawlings, technological opportunities always stem from business disruption. Although the mortgage industry has long been serviced by a broad spectrum of technology service providers, some providers are able to adapt to the changing business landscape faster than others. ‘Now, more than ever, it is increasingly important that technology partners be evaluated as to their nimbleness and ability to adapt to this change, so that they do not hinder the business,’ he says.”
To read the full article and learn Hoffman’s and Dr. Roque’s predictions for 2016 and ahead, click here.