5. Software on demand

Software-as-a-service (SaaS), also known as software "on demand," is an application model where a third-party vendor develops, maintains, hosts and supports an external software application for clients. Analysts predict that within five years, 25 percent of new business software will be delivered in a SaaS model. In addition, with major software companies investing in SaaS, this software-delivery method has become more robust. Software providers are developing more-customizable, Web-based applications that can be integrated with other technology.

The on-demand model is providing a new level of sophistication not only for complex back-office demands but also for desktop applications. As mortgage-technology providers offer better, faster and cheaper solutions than in-house alternatives, SaaS will be one way the mortgage industry can tap into collaborative networks more easily.

6. Collaborative networks

Collaborative networks -- particularly collaborative document networks -- are poised to emerge as a powerhouse. For the mortgage industry to reach a completely paperless state, the use of a collaborative network will be critical.

A collaborative-document-network model significantly enhances the Web-based approach to loan processing and delivery. Using an online collaborative-electronic-document network, mortgage-industry participants can have immediate access to loan documents and related information.

Managed online, communication and transmission is simple. It can improve workflow and further streamline the loan process for everyone on the network.

Leading industry participants already using this model are finding success with increased efficiencies, improved workflow, faster turnaround times and increased ROI. As more industry members begin using collaborative document networks, the benefits will also increase.

7. Service-oriented architecture

To help organizations move along the technology continuum, one of the hottest trends will be the integration of existing applications. More organizations likely will increase their competitiveness by integrating their current technology and legacy systems with new products from external vendors.

A service-oriented-architecture (SOA) approach is seeing more use. Although SOA has been available for several years, it's now making its way into mortgage-industry applications. SOA standards provide faster assimilation of technology and can lower costs, allowing applications to be more economical.

Subsequently, organizations using SOA-based technology will gain greater competitive advantage, speed and visibility with their applications. As legacy systems increase their need to communicate with other applications, SOA will provide greater flexibility, automation and ease of integration.

The mortgage industry is at the vanguard of a major shift in the way business is conducted. Smart investment in the right technology is critical to remaining competitive, improving ROI, processing loans faster with fewer errors and improving workflow efficiencies.

Having a better understanding of far-reaching technology trends will also open the doors to understanding the widespread benefits. The bottom line: As the technology evolves, so will the industry.

Joey Burgoon is director of product management for Advectis Inc., provider of the mortgage industry's most widely used solution for electronic-document collaboration, the Web-based BlitzDocs Collaboration Suite. Its network allows participants to capture, submit, underwrite, audit, share, deliver and archive loan documents. BlitzDocs customers benefit from a collaborative electronic network with more than 23,000 broker shops, the top seven mortgage-insurance companies and three of the top due-diligence providers. Burgoon can be reached at jburgoon@advectis.com.

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