eLynx Blog The Most Surprising Thing I Learned At MBA Tech 2016

Have you ever gone to a movie expecting to see one movie only to find out a completely different one was playing? I had a bit of this experience at the MBA Technology in Mortgage show in L.A. last week. At the show, I fully expected the main topic of conversation among our lender customers and prospects to be the challenges they were facing operationalizing Know Before You Owe (KBYO). My expectation was based on what I saw as the "previews" leading up to the show. Media coverage and anecdotal stories centered around the added cost and processing time required to comply with the new rules. In particular, I heard about problems obtaining accurate fees for the Loan Estimate and issues collaborating with settlement agents when preparing Closing Disclosures. In the early stages of the new KBYO reality, we knew lenders were relying on some level of manual processing in order to get by. Even as a temporary measure, this had proven to be an expensive and error-prone way to support KBYO. We fully expected the buzz to be about how to rectify these pressing challenges. To our surprise, the topic of improving consumer experience actually trended higher.