“To me, ‘cutting edge’ means looking at things that are existing and making them better, or something that is missing and trying to create that and bring awareness to it,” Saunders said.
“Whether it’s the mortgage industry or anything else, ‘cutting edge’ technology is a wonderful thing because most of us don’t have the capacity of even contemplating trying to create something that is going to streamline the [mortgage] process, so it plays a vital role.”
With that in mind, tech companies and “extremely smart people” pursuing ways to streamline the origination and servicing process are valuable parts of the industry, she said.
Two technologies are particularly important to the mortgage industry right now, she said. One involves streamlining the administrative side of mortgage origination, servicing, and other aspects of the business.
“We’re all restricting or limiting the number of administration staff we have in our origination process. A lot more is being placed on the loan originator, at least in my small business,” Saunders said. “Having those pricing engines where they can very quickly look to see what company is going to provide the best product for that particular consumer based off [his or her] financial profile is extremely important.”