June 20208We live in an on-demand world. Obscure trivia is available at our fingertips; entertainment content is binged instantly; groceries are plopped at our doorstep; and junk food is only a Postmates / Uber Eats / Grubhub / DoorDash away. One industry that (until very recently) has stubbornly resisted the digital revolution has been mortgage and real estate. That has changed in a big way.· Want to find a new home? Easy, just check out Zillow or Redfin.· What to sell your home in an instant? You're in luck!--you can get an instant offer to buy your home from places like Opendoor or Offerpad.· What to apply or get approved online? Great, how about Rocket, loanDepot, or Blend.· What about closing electronically? We're getting there. In some states you can close via FaceTime without ever touching a piece of paper!I won't say that all of this is seamless. In fact, many of these changes are still in their infancy--a promise of things to come. Often the processes can be clunky and still require human intervention. But the goal is the same--this is where the industry is going. At some point, being digital won't be cutting edge--it will be the standard. No one wants to be Sears in an Amazon world.RegTech can, and must, be used to help FinTech organizations manage these changes. Without a regulatory infrastructure that can keep pace with technological advancements, risk exposure increases. Automation and digitization of compliance is the key to not falling behind in an increasingly regulated world.Block and Tackle ("Let's Talk Basics")The foundational element of a RegTech function is having a robust change management process. Anytime technology is modified or enhanced, the possibility of breakage or glitch By Nima Vahdat, SVP & Chief Compliance Officer, Impac MortgageMortgage-on-Demand: A Race between FinTech and RegTechIn My Opinion
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