What Does 2021 Hold for the Mortgage Industry?
Nexsys' Mike Lyon looks at its future.
It takes a special kind of courage to take the wraps off the mortgage industry’s crystal ball and predict what the future may hold (especially after 2020). Who among us has this kind of financial fearlessness? Nexsys Technologies Executive Vice President Mike Lyon – that’s who.
Recently, Banking CIO Outlook asked Lyon to forecast the future, at least as it applies to the industry. And he didn’t hesitate to share his thoughts. “The holy grail of mortgage lending is a fully digital experience – starting with the initial application, then cruising through the closing and moving seamlessly to the mortgage servicing platform,” he said. “A few savvy lenders are finally going to make it happen in 2021. It will start off small, but it will become mainstream in 2022. By 2024, paper closings will be as rare as rotary phones.”
What else does Lyon see in the industry’s future? Read the full article here.