People are pretty adaptive. So much so, that we get used to things so quickly—impressive, innovative things—that they don’t wow us for long. The extraordinary becomes ordinary and we go back to focusing on life’s frustrations, delays and inconsistencies, hoping for better solutions to our problems. In the mortgage industry, common problems and issues include regulators looking for errors and/or violations, homebuyers getting impatient with mortgage closing delays, lenders reeling from possible liability, and secondary-market investors wary of buying error-riddled loans. These headaches could sure use solutions, but with so much work to do it can feel overwhelming to adapt to new systems that will solve them. It can seem better to just keep plugging along, doing things the same way, no matter how flawed. But as with all problems, there are opportunities to innovate the mortgage process. The light bulb, printing press and telephone were once amazing inventions that awed the world, but they too had their limitations. For instance, none of them were portable. And that’s how we ended up with the flashlight, the word processor and the cellphone.
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