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TH E M R EP O RT | 11 TAKE 5 MDWELL Source: "Redfin Unveils the Best U.S. Cities for Public Transit in 2019," published March 2019 is more important now than ever before. Borrowers will continue to demand a greater sophistication in the interaction process with servicers. They will not want to deal with older technology tools. » AI and Big Data are an emerging force in technology not only for the mortgage industry but other industries as well. Both these technologies will have an impact on how servicers be- come more compliant and efficient at the same time. Servicers generate a lot of data as part of the servicing process. But how many servicers have a central repository of that data, and how are they using it to be better, cheaper, and faster? AI and Big Data help to provide the answers to those questions. » Automation continues to be important and tools using Robotic Process Automation will continue to serve an impor- tant role for servicers in solving key business problems. M // What steps can servicers take to help homeowners remain current on their mortgage? SHARMA // From a servicing perspective, we believe it is impor- tant to help borrowers take a systematic path to save money and remit their payments to servicers. If we can reduce the friction involved in borrowers working with servicers, they are more likely to stay on the track to homeownership. A parallel analogy, for example, is the 401k plan. Many employers are making it easier for employees to save for retirement via 401k plans, auto- matically providing a way to increase the portion of employee savings for retirement. We as an industry can also help in providing educational and reminder tools to keep the borrower on track for continuing years of flourishing in homeownership. M // What industry trends are you most optimistic about and why? SHARMA // Technology has made significant strides in the past years and the use of new technologies, such as AI, Big Data and mobile technology, will continue to improve our industry's devel- opment. We are most optimistic about that because we believe all industries are changing due to widespread adoption of technology. For the mortgage industry, whether it is in origination, sec- ondary, or servicing, all facets of our business will change and while there are growing pains to change, the results add up to better, more efficient business practices not only for lenders and investors but, most importantly, for borrowers as well. "As the industry conforms to changes, it will require more investment in technology to stay up- to-date with them. That will range from digital and mobile tools to the use of artificial intelligence and Big Data in the servicing process." On the Go Which cities earn high marks when it comes to public transportation? T here are plenty of factors homebuyers consider when it comes time to put down roots, and Redfin recently took a look at how major markets stack up when it comes to the ease of getting around one's chosen town. Unsurprisingly, the Big Apple itself took home the trophy as the best U.S. city for public transit. Redfin's Transit Score report has been an annual affair for a while now, but for 2019 they took a different approach. In the past, the Transit Score report has examined large cities with a population of 300,000. This year, however, they didn't filter by population, presenting the cities that are the best at moving their citizens around town—no matter how big or small that town may be. "Housing affordability has become a nationwide concern, leading people to move away from big, expensive cities to smaller, affordable commuter towns and inland areas," said Redfin Chief Economist Daryl Fairweather. "Cities that offer the best of both worlds—accessible public transit and relatively affordable homes for sale—are destined for strong growth in the coming years." Top 10 Cities for Public Transportation Rank City Redfin Transit Score Change in Transit Score From 2018 1 New York 84 -1 2 Union City, New Jersey 81 0 3 San Francisco 80 0 4 Hoboken, New Jersey 75 0 5 Cambridge, Massachusetts 74 2 6 West New York, New Jersey 73 0 7 Boston 72 -1 8 Washington, D.C. 71 3 9 Jersey City, New Jersey 71 0 10 Brookline, Massachusetts 69 1