Inman Connect
A few years ago, signing a stack of papers at the mortgage closing table was expected – there was no other option. But now, a whole new world of possibilities has opened up as mortgage tech continues to advance and a younger generation of home buyers enters the housing market for the first time.
“Alexa, get me a mortgage,” was nothing but a dream several years ago. Now that dream may be becoming a reality as mortgage lenders turn their eye on mortgage technology and the sky is the limit.
The mortgage industry is ripe with fresh ideas and old systems that need to be updated to fit today’s times, from front-end technology to origination tech to finding ways to innovate servicing, every sector is on the precipice of change, and 2021 could be the year that finally makes the switch.
Inman Connect
Title companies are seeing more business than ever, but could that be about to come to an end? One economist thinks so.
Title premium volume surged more than 20 percent in 2020, and the industry generated $19.2 billion in title insurance premiums, according to the American Land Title Association’s latest Market Share Analysis.
But despite this increase in activity, one economist said title companies could become obsolete as blockchain technology becomes more popular.
“Prediction: Blockchain and NFTs will make title companies obsolete,” Redfin Chief Economist Daryl Fairweather wrote in a Twitter thread. “The market for title companies right now is over $16 billion. The role of the title company is to make sure the home seller actually owns the home and has the right to sell it (an NFT could take care of that).”