Had a company that was solving sort of this problem a while back (early 2000s). Read in forms (1003 for example), did automated underwriting (hooked in with Fannie Mae), pulled in rate sheets from different Banks to do automatic rate calculations for loan officers. Rate sheets were loaded in daily. There was a rules engine to cover the many complex rules required to determine if a loan was viable for a given 1003 form, etc.
The issue has never been the backend systems at banks -- I've worked with that stuff starting from origination through securitization and on to secondary market trading.
The problem is the customer abuse ("needs list") that is a hallmark of underwriting. There has to be a better way to get all that information from the customer in the vanilla case.
> The issue has never been the backend systems at banks
I find this hard to believe considering the pains we were solving: now quite some time ago. Maybe they have changed.
Excessive burden on mortgage consumers is driven by many aspects.
At it's core is (was if what you say is true) the inability for backend systems to effectively aggregate and verify the necessary context to easily meet regulatory needs.
We were starting to aggregate such data allowing us to automatically verify and then fill out all forms necessary for the mortgage consumer.
Managed warehouse lines, etc.