He said using outdated systems, like wet signing official documents, has become a tedious affair for both consumers and mortgage professionals.
“There was often what we call a hybrid, so a lot of documents were electronically signed, but the promissory note and deed were wet signed,” he said. “It was very fragmented, starting with the first information a lender has to provide to the consumer when taking the application.”
He criticized software providers who only provided part of the digital puzzle. “(They) are very good salespeople and they are very persuasive,” he said.
“But the unintended consequence of this is you have a consumer, and certainly a lender, who has multiple platforms to deal with just to complete a transaction,” he added.
“It is reducing the standards to allow these incompetent parties to keep playing, which is a step backwards from an industry perspective.”