TheMReport

10 | TH E M R EP O RT TAKE 5 M // As the mortgage business goes digital, what are some of the challenges and opportunities technology innovation presents to the industry? MCGARRY // Technology is changing mortgage lending every day as our industry moves with ever-increasing speed toward digital mortgage with automation, remote notarization, and e-signing. It is also changing where our potential customers come from. Currently, we rely heavily on leads from agents and other refer - ral partners. In the future, new digital tools may bring us more opportunities to meet people online across the country and engage with them directly before they decide to purchase a home. In conjunction with our cur- rent partnerships with real estate agents, we may connect with the customers and possibly secure the loan earlier in the buying process. Through all the change, it's important to remember we are dealing with people. Some cus- tomers may prefer a mostly digital experience, while others will be looking for a partner they can talk with to get their questions answered throughout the mort- gage process and after closing. As lenders, we need to be sensitive and have a deep understanding of customer expectations. We can- not let identifying the individual preferences and needs of each customer take a back seat to effi- ciencies and automated processes. Loan officers need to embrace technology and use it as a tool to create and enhance personal relationships, build trust, and offer a personal, memorable borrower experience. Striking that right bal- ance is key. If technology starts to replace people, then we've lost sight of what our business is all about. M // With mortgage rates remaining stable in the first half of the year, do you still see the industry in a low origination environment, especially with refis making a comeback over the past few months? How can lenders adapt to these changes? MCGARRY // While rates are lower than many predicted and we've seen more refis in 2019, I do see origination increasing the rest of the year. Purchase business is up and affordability is better with the lower rates. We may see more cash- out refis for renovations, but refis won't be the predominant market. The purchase business will climb more than some expect. We see more opportunities to keep custom- ers for the long-term. M // A recent homebuyer report by Bank of America indicated that Gen Z is committed to becoming homeowners by the age of 30. What steps will lenders have to take to adapt their practices for this generation of buyers? MCGARRY // We're pleased to see there's a strong desire to own homes with Gen Z. As with other generations before them, education and awareness on mortgage options will be im- portant as this generation starts to purchase homes. As lenders, we must educate future genera- tions about the mortgage process, what's involved, what steps should be taken to improve their financial picture, the wide range of options available, and when it's the right time to buy. This generation will be savvy when it comes to technology, and there will likely be more sophisti- cated tools when it's time to serve this market, but I don't think our approach will change. Purchasing a home is an emotional experience In an increasingly digital world, how can lenders balance innovation with customer experience? * * * * * Mary Ann McGarry, President and CEO of Guild Mortgage, has been the driving force in the development and execution of the company's strategic growth plans and objectives. Starting her career with Guild Mortgage in 1984 as a supervisor in internal audit, McGarry held positions as CFO, Chief Production Operations Officer, and COO before being promoted to President in 2005 and CEO in 2007, when she led a management buyout of the company from its founder. She spoke to MReport about the current origination environment and why it remains important for lenders to retain that personal touch despite technological advances. The Importance of the Customer Relationship

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