Years ago, when I was touting the early generation of application service providers, a number of mortgage industry veterans told me the ASP model was just a warmed-over version of the old service bureau. If only for security reason, they said, there was no way lenders were going to surrender operation and control of their LOS or other key systems to outside hosted management. When a lender tells me that, I have to shut up. Columnists don't get to tell lenders what systems those lenders are going to buy -- or rent.

But a little voice kept muttering just wait and see. After all, what differentiated ASPs from traditional service bureaus was the Internet. Lender adoption of technology has always tended to lag years behind the coming to market of truly innovative systems, and the Internet certainly has revolutionized every aspect of mortgage technology.