MReport July 2022

TheMReport — News and strategies for the evolving mortgage marketplace.

Issue link:

Contents of this Issue


Page 20 of 67

M R EP O RT | 19 at the time. Today, as lenders deal with lower volumes and narrower profit margins, the focus is shift- ing toward point-of-sale (POS) and origination efficiency to at- tract borrowers in a considerably more competitive housing market. Brad Sivert, Head of Proptech, Tavant: Obviously, the first that comes to mind is video communications—Zoom, etc., and digital closings, signing, etc. The pandemic forced people to embrace working remotely, and for homebuyers to talk to their loan officers via video as well. This trend is seen across all industries, but during the pandemic, it became a true necessity. Think about large companies that had to move 1,500+ employees to become remote employees almost overnight. Understandably, that wasn't easy, but it was done. This shows that for loan officers and all members of the lending ecosys- tem working remotely can be achieved with success. Dan Sogorka, CEO/President, Sagent: In an acute market cycle adjustment like the one we're seeing now, winning processes and tools will combine tech expertise with deep operational knowledge of the needs and challenges of servicers and their customers. The future will be centered around cloud-native, open-API models that give banks and lenders optionality, cost control, and the ability to be sympathetic and responsive to the customer. That not only creates better customer experiences, but it has significant cost-saving implications by reducing the need to reacquire lost customers. Nicole Valentin- Smith, VP, Sales, Digital Lending and Origination, Fiserv: Lenders are trying to meet the same needs—their own and those of their customers—as they always have. They are in search of more efficient processes, lower overall costs, shorter cycle times, enhanced compliance, and higher levels of customer satisfac- tion. We are seeing lenders moving away from the "bolt on" approach they may have taken to quickly add new capabilities during the pandemic, instead prioritizing a single-system approach that can enable greater efficiencies in a lower volume environment. Modern, robust API ecosystems make this possible. Mark Walser, President, Incenter Appraisal Management: The use of remote appraisals with the recent Desktop Appraisal approval from the GSEs, along with the expanding use of alternative valuation products, AVMs, and remote notary services have all been indicators of a mortgage market in transformation. In the residential valuation side, these digital processes and tools are key to the transition toward increased accessibility, lower turn times, and stable fee structures. They also contribute to preserving the veracity of the appraisal process and importantly, maintain integrity for the appraiser in the process. The newest wave of technology we are seeing coming of age is that of 3D virtual scanning capabilities that allow our technology to generate floor plans and use AI and machine learning to assess the condition of a home using the customer's smartphone. These types of advancements create an objective, reviewable framework for assessing the quality and condi- tion of appliances, functional obsolescence, material condition, and deferred maintenance items. Moreover, they will assist appraisers and the growing population of appraiser trainees and third-party inspectors who might also be evaluating a home, which will create speed in the process for all parties. Q: Do you feel the industry will ever embrace an all-digital mortgage process? Is the human touch still required? Nathan Bossers, President, Boston National Title Agency: Absolutely. However, even when it's embraced, lenders will still need to offer a more traditional model, as some consumers will prefer this option. Not every consumer will want to be filmed in a virtual closing environment without meeting in person. Lenders will need options to fully embrace 100% digital closings that are still face-to-face. They will also still need to offer today's traditional process to those "old-schoolers" who don't adapt to change easily. Successful lenders who offer a variety of choices will have a competitive advantage and will ultimately gain market share. Consumers expect choices— whether it be in what cars they drive, what cereal they eat, or what type of mortgage closing experience they have. Some consumers will absolutely gravitate toward a 100% AI-guided mortgage process. Others will not. Richard Gagliano, President, Origination Technologies Division, Black Knight Inc.: We are thankfully moving quickly toward a world of 100% paperless mortgages COVER STORY "Consumers expect choices —whether it be in what cars they drive, what cereal they eat, or what type of mortgage closing experience they have." —Nathan Bossers, President, Boston National Title Agency

Articles in this issue

Archives of this issue

view archives of TheMReport - MReport July 2022