Tag Archives: Innovation

To this end, the OCC released a white paper on Thursday that outlines eight principles the agency plans to use to guide the development of its innovation framework.

According to Comptroller of the Currency Thomas Curry, "Innovation has been a hallmark of the U.S. banking system since it was created in 1863 at the behest of President Lincoln."

With no fundamental changes to the origination process in decades, the lost efficiency, increasing costs and decreasing profits, combined with ever-merging regulatory hurdles, have left a gap in the mortgage industry to be filled by "disruptors," who are innovators creating new business models to better serve the industry.