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Jennifer Cagle: COVID-19 Crisis Advanced Mortgage Industry Adoption of Tech by 10 Years
The COVID-19 pandemic has impacted many aspects of the real estate and mortgage industries. Fortunately, some of its effects have been positive. To learn more about the positive impact the coronavirus has had on our industry – particularly the accelerated adoption of e-closings – we spoke with Jennifer Cagle, vice president of Loan Producer product development for FICS (Financial Industry Computer Systems Inc.), a mortgage software company that provides flexible loan origination and mortgage servicing software.
Q: What positive impact has the pandemic had on the mortgage industry?
Cagle: We’ve certainly seen some beneficial impacts for the mortgage industry. Some of my colleagues have suggested that COVID advanced our industry 10 years, in terms of digital technology adoption.
This is especially true for digital lending. When COVID struck, lenders were forced to transact remotely, leading many to start taking advantage of digital tools that had been available to them for years. E-closings benefit borrowers, lenders, and investors.