According to a recently published working paper by researchers at the Federal Reserve Bank of New York (FRBNY) and New York University, fintech lenders have quickly expanded their market share since the Financial Crisis, and in the process have developed efficiencies that give them a significant advantage over more traditional lenders. Prominent mortgage industry executives gathered in Washington, DC at the 8th Annual PROGRESS in Lending ENGAGE Event sponsored by Get Credit Healthy, QuestSoft and Optimal Blue, to really drill down on this industry trend. How has fintech impacted mortgage lending? Here’s the scoop:
“Everything has to be relevant,” says Joseph Ludlow, VP at Advantage Systems. “The proliferation of cell phones has driven technology and innovation. Everything has to be real-time, all the time.”
“We can’t think of innovation as something that happens over night,” noted Luke Wimer, COO at Asurity Technologies. “It’s about changing what a customer usually does. No one person or vendor will bring all the innovation. We have to bring people and systems together.”
“The average originator is 52 years old,” points out Christine Beckwith, National VP of Realtor and Sales at Annie Mac. “The customer wants to be mobile and so do the new originators, but we have to get the average originator in his or her 50s onboard. It’s a balancing act.”
“The older originator’s adaptability is challenged,” concluded Ski Swiatkowski, Business Growth/Leadership Specialist at Silver Hill Funding. “However the new originator is a millennial and they want fintech. Rocket by Quicken was good for the industry because now everyone sees the value of using fintech to improve the mortgage process.”
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.