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Issue link: http://digital.themreport.com/i/1491913
Tech as a Guiding Force in the Mortgage Space " T he advance of technology is based on making it fit in so that you don't really even notice it, so it's part of everyday life."—Bill Gates, Co-Founder of Microsoft The quote above from Bill Gates could not be any more true to the ways we live our lives daily. The small things we once raved about in terms of tech, have become parts of our daily existence that have grown to be taken for granted. Rewind a decade ago … were we able to survive with the amenities of Amazon? Ordering food from Grubhub? Having our mobile devices serve as personal assistants? With each advancement in technology comes one less manual task off our respective plates, and another leap toward the double-edged sword of becoming too reliant upon technology. In the mortgage space, advancements of technology have not only expedited a once-paperwork intensive process, but has also furthered the education of today's homebuying public. Technology has also made strides in advancing quality control as artificial intelligence (AI) evolves. "Technology is nothing. What's important is that you have a faith in people, that they're basically good and smart, and if you give them tools, they'll do wonderful things with them."—Steve Jobs, Co-Founder, Chairman, and CEO of Apple And as Mr. Jobs notes, technology is useless unless humans properly utilize these advancements in a proper manner. This month, MReport has put together an array of those involved in the tech sector to discuss the current state of the digital revolution, and what lies ahead for this key component to the homebuying process. We hear from a cross-section of tech developers, those who use these products daily, and those who realize that the human element in the homebuying marketplace will never be replaced. Piggybacking on our tech focus, Carlos Sa, CEO of MILOS, an IT consulting firm for the mortgage industry, discuses the tools necessary to keep the refi pipeline full in his submission, "Push Button Refis—Fantasy or Future Reality?" While many lenders saw great profit during the refi boom, most had difficulty keeping up, because refis are not as simple as we'd like. Sa explains the tech advances necessary to keep this vital income source effective, even in a volatile market. And following up on last month's feature, "The Science of Appraisals," Jeffrey Hogan, VP of Valuations at Veros Real Estate Solutions, delves into appraisal bias in today's housing market. Hogan details a number of measures taken to recognize bias in the appraisal space, and the actions taken to stamp it out. Also this month, Greg Austin, EVP, Mortgage Lending for Carrington Mortgage Services, shares his perspective on the state of the non-QM market in his article, "Stability Is an Essential Commodity for Non-QM Loans." Amid recent market changes, and as lenders re-enter the non-QM space, borrowers are calling on Mortgage Brokers to establish smart partnerships. Austin discusses how to establish these key relationships and get the most of them for your lending business. All this and much more can be found in the pages ahead in the February 2023 issue of MReport. Thank you for turning to us as your source for the latest in the world of mortgage banking. Sincerely, David Wharton Editor-in-Chief 2 | M R EP O RT MNOTES © 2011 First American Financial Corporation and/or its affiliates. All rights reserved. YOUR business is OUR business! First American Mortgage Services is laser focused on mitigating YOUR cost, risk and exposure by aligning our advanced solutions with YOUR strategic objectives and compliance needs. We are the New First American, over 120 years young, strong and financially secure. Insight | Innovation | Integrity First American Title Insurance Company and First American Mortgage Services make no express or implied warranty respecting the information presented and assume no responsibility for errors or omissions. FIRST AMERICAN and FIRST AMERICAN TITLE are trademarks owned by First American Financial Corporation. 2 | Th e M Rep o RT Publisher Jon Ball contributing editor Abby Gregory online editor theMrePort.coM Ryan Schuette coPy editors Alison Rich emily White Youree heather hill contributors phil Britt Bob Calandra eric Fox Jack Konyk Mark Lieberman creative director Jason Stone art director Jonathan Won associate art directors Bruce Sons Chanyanont Loha-Unchit design director Sean Walker advertising Dina Duncan (214.525.6740) Jason Myers (214.525.6760) Andi Zimmerman (214.525.6724) technology Toby Tull Brandon Shangraw social Media Leon McKenzie Ani Vera circulation/corresPondence Celina Avila corPorate officers chairMan & chief creative officer chief executive officer Mark hulme edward R. Delgado business develoPMent Andi Zimmerman chief financial officer John harrison director of huMan resources ernest Gillespie director of oPerations Toby Tull account executives senior account executive Donna Lott (214.525.6792) sPonsorshiPs Jason Myers (214.525.6760) account executives Renee Charles (214.525.6742) Thomas Griffin (214.525.6754) Kristin Larson (214.525.6713) Ryan McLemore (214.525.6706) Marketing Travis Bogdon Matt hulme Production Kyle Curtis Miguel Martinez Christian McCrossan concierge Celina Avila art direction Jason Stone Sean Walker Jonathan Won No part of this publication may be reproduced without written permission from the publisher. ©2011 Reo publishing LLC All Rights Reserved This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. MReport strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. MReport does not guarantee the accuracy of the information and is not liable for any damages, losses, or other detriment that may result from the use of these materials. FORDEFAULTSERVICINGPROFESSIONALS THEFIVESTARINSTITUTE Follow us. EDITOR-IN-CHIEF David Wharton ART DIRECTOR Jason Stone MANAGING DIGITAL EDITOR Eric C. Peck REPORTERS Kyle G. Horst Demetria Lester MAGAZINE CONTRIBUTORS Contributors Greg Austin Jeffrey Hogan Carlos Sa COPY EDITOR Brandy Scott ADVERTISING 214.525.6700 EDITORIAL ADVISORY BOARD Benjamin Gottheim, Director, Mortgage Servicing Policy, Freddie Mac Erik Schmitt, Managing Director, Origination Division, Chase Home Lending Douglas Whittemore, Head of Default Servicing, US Bank Jacob Williamson, VP Single-Family Collateral Risk Management, Fannie Mae Kim Yowell, EVP of Servicing, Fairway Independent Mortgage Servicing Corporate Officers PRESIDENT & CFO Jonathan Hughes ART DIRECTION Jordan Funderburk, Jason Stone, No part of this publication may be reproduced without written permission from the publisher. © 2023 Five Star Global, LLC. All Rights Reserved This publication is intended to provide accurate, authoritative, and detailed information in regard to the subject matter covered. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. Under no circumstance should the information contained herein be relied upon as legal advice as it is designed to be a source of information only. MReport strongly encourages the use of qualified attorneys or other qualified experts with regard to the subject matter covered. MReport does not guarantee the accuracy of the information and is not liable for any damages, losses, or other detriment that may result from the use of these materials.