TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1491913
24 | M R EP O RT COVER STORY so many times, a best-practice approach has emerged, and a robust eClosing service layer has evolved that offers the flexibility to deploy solutions that meet and exceed the unique objectives of an intensifying client base. Lehnen: Readily available data sources contain a lot of infor- mation—the hard data points regarding a property, income documentation, title records, em- ployment, assets, etc. The missing elements are the soft data points that tell a borrower's complete story. For example, non-QM un- derwriters could be reviewing 12 months of bank statements from two self-employed borrowers who look similar on the surface. However, those two borrow- ers could come from different industries whose cycles and ways of operating couldn't be more dissimilar. Trained underwriters under- stand that two borrowers may appear the same on the surface, but that each borrower can have a unique story. In sum, even when consumers embrace a digital experience, a cold machine on the other end won't advance that goal. Machine and human elements need to be balanced, transparent, and aligned. Mason: One pain point is help- ing companies determine which technology they should trust. There are a good number of new players offering technology that has not yet been proven. Often, lenders and servicers that select these providers have to help build out the software. There are some new, visionary products, espe- cially in the AI/machine learning arena, but they need to be evalu- ated and proven through proofs of concept and real-life mortgage scenarios. We continue to invest in our product and its features to ensure it stays modern and nimble and aligns with current and future demands. Providing our industry with digital methods to scale, flatten market curves, and accelerate adoption requires real leadership and the vision and drive to try new and better ways of doing business. Miller: As a tech provider, our job is never finished. We are con- stantly fine-tuning our products and services to meet evolving market needs. Currently, the lion's share of our development efforts revolve around continuing to reduce friction for borrowers and expanding the availability of loan officer features like dual AUS submission. Another major ini- tiative is bringing the utility and user experience that SimpleNexus is known for to our parent com- pany nCino's banking platform. Walser: Yes, as a provider of remote appraisal technology and the new Property Data Reports for the GSEs, we are working on reducing the time and cost of data collection by applying increasing levels of AI to capture data points and types of materi- als, assign condition ratings, and populate what items are present during a virtual or physical inspection. For the Desktop Appraisal, we are enhancing our 3D Scan capability and AI to generate the appraiser-grade floor plan elements automatically to make the process happen in just minutes. What measures have you taken to step up cybersecurity in a time when cybercrime is running rampant? Camerieri: Protecting our lender client's data from the ever-pres- ent danger of cybercrime is a major component of everything we develop. This danger is no longer novel. We understand how these criminals operate and are constantly vigilant in the defense of our clients' networks and data. There is no single solution to this problem. It's all about constant vigilance. Miller: SimpleNexus is proud of our performance on SOC-2 audits and the security measures we have developed. Now that SimpleNexus has joined nCino, we are able to benefit from its legacy experience working with depository institutions, which traditionally have more rigorous cybersecurity than independent mortgage banks. Sarkar: There are many cyberse- curity issues that extend beyond the breach of your company's systems and financial data. Cybercrime has grown and the mortgage industry is exposed to new cybersecurity risks every year. For us, undertaking continu- ous risk assessments and strength- ening precautionary measures at regular intervals are the keys to securing our clients' data and their businesses from existing threat vectors. We've also deployed mili- tary-grade cybersecurity tools and technology to guard against the variety of assaults that mortgage lenders are vulnerable to. While implementing technol- ogy such as automation, AI, and other data-intensive systems is inevitable in the mortgage sector, many blame these efforts as a reason why the industry is vul- nerable to cyberattacks. However, relying on a proven, certified technology partner with rich ex- perience identifying and address- ing vulnerabilities that can arise on your growth journey will help mitigate your cybersecurity risks, while also meeting all compliance requirements. ERIC C. PECK has 20-plus years' experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in communication arts/ media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. "In sum, even when consumers embrace a digital experience, a cold machine on the other end won't advance that goal. Machine and human elements need to be balanced, transparent, and aligned. " —Matt Lehnen, CTO, Deephaven Mortgage