One bright spot for technology vendors that have been serving the US mortgage industry for the past few years is that some of the tools they have developed are now applicable to other businesses.
Wolters Kluwer Financial Services announced today that its technology would be used by the auto leasing industry. The company will be offering auto dealers, workflow aggregators and lenders new standardized and easily customizable motor vehicle lease agreements in an electronic format. The company will offer its electronic forms in 51 jurisdictions around the country.
Other vendors that have provided doc prep, electronic disclosure or eSignature services are also moving beyond the mortgage arena in search of new clients. eLynx is another firm that has been looking outside of mortgage with success, most notably to auto lenders and insurance companies.
For years, people have lamented the fact that the mortgage industry is the most document-heavy, highly regulated and confusing of all businesses. Those firms that have developed the technologies to tame it are going to be well positioned for success in the future if they are willing to move out of their comfort zones and into other lines of business.