A Closer Look At True Innovation…

Over 150 mortgage executives spanning the vendor, lender, servicer, consultant and PR/marketing sectors gathered to hear who would be named the top innovations of 2010. In addition, they came to take part in a spirited roundtable dedicated to getting new ideas into the space as part of an effort to improve the mortgage space. Watch PROGRESS in Lending Association Chairman and Founder Tony Garritano talk about what it will take to bring about industry recovery. Here’s a hint: It starts with you. How so? Watch this video and find out.

httpv://www.youtube.com/watch?v=bAZmG6g6qp4

As part of Innovations 2010, our event’s Gold Sponsor, Global DMS addressed the crowd. Of course, the biggest question on everyone’s mind is predicting when will the mortgage industry rebound and when it does what will it look like. John Fabish of Global took on this weighty issue. Here are their thoughts:

httpv://www.youtube.com/watch?v=bxy6Cqpz9PY

Following the keynote address, PROGRESS in Lending Association recognized the work done by Motivity Solutions as a top innovation of 2010. Motivity has helped bring the need for business intelligence center stage. How can you improve your business if you don’t know everything about your business? In accepting this award Tyler Sherman of Motivity talked about how lenders can make data more actionable and how they can become better lenders. Here’s what he said:

httpv://www.youtube.com/watch?v=R7sGdBXc8C4

From there the night got more introspective. Heavy questions were raised. Questions like: What contributed to the mortgage meltdown? Why did it happen? These questions remain, but an even better question is: How do we fix the mortgage industry? The answer that comes up again and again is transparency. So, how can we as an industry be more transparent? Greg Alvord, who accepted one of our top innovation awards, offers his solution here:

httpv://www.youtube.com/watch?v=GRLPsoLud_A

According to RealtyTrac, 2010 bank repossessions came in at about 1.2 million. That number is substantially up from the 900,000 repossessions that took place in 2009. And everyone agrees that this year will be even worse. Paul Wright of DRI puts all of this into historic context as he accepts one of our awards. In addition to looking back, he also shares a bit about what can be done to ease this problem going forward. Here’s his take:

httpv://www.youtube.com/watch?v=B9JwEN23Kos

Continuing the dialogue about defaults brings up the topic of dealing with REOs. The fact is that lenders are being faced with dealing with a literally wave of defaults. In some cases these homes are vacant and in other cases they may be in a state of disrepair. How do you know the status of the REO properties that you hold? Todd Ebner of Field Asset Services talked about how mobile technology is playing a role in restoring trust and taking out the subjectivity of this process. Here are his thoughts:

httpv://www.youtube.com/watch?v=DsAUTZ41CJw

But before the industry can move forward with mobile technology or any other new technology, it has to first clean up its act. How so? The mortgage meltdown has certainly tarnished the reputation of the entire industry. We have to restore trust in our business if we are to recover and thrive again. We also have to restore that peronal connection with the borrower, while at the same time, offer the most streamlined, efficient, cost-effective process. But how do we do all that? Stephen Nation shares his views here:

httpv://www.youtube.com/watch?v=g7ObM9HX3oc

Moving on to talk about the GSEs. We all know that a good portion, in fact almost all, loans are funded today by Fannie Mae, Freddie Mac and FHA. But wat happens when Fannie and Freddie go away? We know it’s going to happen eventually, but how will that impact our industry? What will fill the void? We’ll have to wait and see what the politicians come up with. However, at Innovations 2010 our top innovators and the Executive Team of PROGRESS in Lending Association shared their ideas on this hot topic. Here’s what they said:

httpv://www.youtube.com/watch?v=DMh7hrJewxw

Lastly, the 800-pound gorilla in the room for mortgage lenders today is Dodd-Frank. Lenders are asking questions like: What changes are going to happen? How do I get ready? How will those changes impact my business? As we’ve seen, the CFPB is already introducing streamlined documentation and that body hasn’t even gotten going yet. So, change will happen. Lenders just have to be nimble to stay compliant. Our panelists discuss the impact of Dodd-Frank on mortgage lending and on the future course of technology innovation in mortgage lending as a result here:

httpv://www.youtube.com/watch?v=u3ENCeowcQE

FIND OUT HOW YOU CAN BE RECOGNIZED AS PART OF INNOVATIONS 2011 HERE