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Residential Department: From The Editor: October 2019


From The Editor

Take a trip to a better future

r_2019-10_FTESelf-driving cars, or at least the promise of them, landed with great fanfare throughout the news media a decade ago. Tech giants lined up to back these fully autonomous vehicles.

Although many strides have been made, it’s clear that progress has been slow and halting. Tesla CEO Elon Musk’s assurance that people would be able to ride from New York City to Los Angeles in a self-driving car is, at last check, on hold indefinitely.

Instead, the advancement of these cars is taking turns that few would have expected. Optimus Ride, a Boston startup company with a name that is a nod to the “Transformers” franchise, has developed a type of low-speed car that runs in a continuous, defined loop on private roads.

It’s a start, but definitely more constrained than a coast-to-coast ride. And there are some parallels with the mortgage industry. Technology has changed, is changing and will continue to change the mortgage landscape. It’s inevitable, but how much and when is still to be determined. And it’s likely that the progress will take unexpected twists and turns.

Fortunately, some of the best mortgage professionals in the business are here to help you along this journey. In the October edition of Scotsman Guide, which has a focus on technology, these people explain what they’re seeing on the mortgage-industry technology front — and what you need to know.

In our cover story, on Page 37, Jungo’s Mike Gulitz addresses the concern that many mortgage brokers and loan officers have — that technology will make their jobs obsolete. He disagrees with this notion, although he writes that people who don’t use tech to their advantage may well find themselves pushed out of the industry.

On Page 54, Nathan Rufty of Mortgage Marketing Pros also describes the technology and automation that’s transforming the industry. He believes that mortgage originators bring the personal touch that’s still vital for this business.

On Page 57, Neat Capital’s Luke Johnson writes about the need for technology to do more, especially at the beginning of the application process, to help guide borrowers through what may seem like Byzantine procedures. On Page 64, United Wholesale Mortgage’s Jason Bressler looks at how technology has changed the mortgage industry over the past decade and how it’s likely to continue to drive the industry into the future.

On Page 76, Joseph Lydon of LendSure Mortgage Corp. writes about the amazing growth that’s taking place with nonqualified mortgages, or non-QM loans, which fall outside of the guidelines to be backed by Fannie Mae and Freddie Mac.

Finicity’s Steve Smith and FICO’s Joanne M. Gaskin co-authored an article on Page 91 about UltraFICO, a new credit-scoring model that looks at different data in determining whether a borrower is likely to repay a mortgage. On Page 102, Susan Graham of Financial Industry Computer Systems Inc. writes about an important security consideration when choosing a software vendor — who houses the home loan data?

Velocity Mortgage Capital’s Michael Oddi writes on Page 133 about how originators should consider diversifying their products to be able to withstand a changing market. He makes the argument that residential mortgage brokers and loan officers should consider loans for nonowner-occupied properties.

Enjoy these and other articles in this issue of Scotsman Guide Residential Edition.


Jim Davis is editor of Scotsman Guide Residential Edition. Reach him at (800) 297-6030 or

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