June 22, 2022 — With the wide array of conditions causing the collapse of mortgage lending volumes, at least from historic levels recently enjoyed, executives everywhere are urgently seeking solutions. Frankly, many are in survival mode.
The two most common levers to pull are often staff outsourcing and/or technology deployments. We recently partnered with National Mortgage Professional (NMP) to write an article on the technology landscape. Find the article HERE, which is titled, "Blockchain, Artificial Intelligence & Machine Learning: Hype or Help?"
Artificial Intelligence (AI) and Machine Learning (ML) have been around longer and carry more familiarity and receptiveness. Blockchain, on the other hand, is newer and more bleeding edge, generally harder to understand for most of us. However, the number of Blockchain disciples out there are growing in numbers and shouting from the rooftops. In our aforementioned MPA article, we go into some detail about the radical potential of the Blockchain promise. Many pundits predict the end of the mortgage world as we have known it. In many ways, that is a welcome vision to behold.
Entire countries have bet on Blockchain, having spent the past 20 years deploying their entire infrastructure. Estonia is a perfect example. Others, such as Sweden and the UAE, are biting off smaller chunks and have made major progress in getting mortgage ecosystems up and running on the Blockchain.
However, for many within the U.S. mortgage domain, the associated radical potential of the technology may have some thinking more about 'block CHANGE' – fearful about the ability to fully embrace what Blockchain truly delivers. This change potential is the proverbial 'elephant in the room.' Our article encourages incremental scope progression, versus trying to eat the elephant all at once.
Find out if we think it is HYPE, HELP or something else.
Of course I am biased, as the author, but I do think it is a good read. I also think Blockchain is not as difficult to grasp if you spend just a small amount of time learning about it. It begins to quickly make sense, and you rapidly see how the end-to-end mortgage ecosystem can be obliterated by Blockchain – if ever adopted with scale.
Let me know your feedback. Would love to hear from you.
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Thanks for reading.