Mortgage Banker Association’s flagship event - MBA Annual 23, is just around the corner and it seems to be strumming the chords, right.
The Importance of Automation & Digitization
Why do I say so? It’s because of the three key areas it touches, in the ‘automation & digitization’ segment, which are - maximizing ROI of existing tech stack, AI in lending and latest digital solutions.
These topics don’t just tie into one another but also roll up into an overarching industry wide question - how do lenders & servicers make the most of what they have in the current market scenario? As per various industry forecasts, it’s predicted that the high rate regime, in the range of 6.5% - 7.5% 30-year FRM rates, will most likely continue through the end of 2023.
The Challenge for Mortgage Companies
In addition to the already stifled housing inventory situation - this would mean a muted purchase market & low production volumes could further exacerbate margin pressure for mortgage companies.
In such situations, how should CIOs & business leaders leverage technology to unlock value & efficiency so as to ride through the storm?
Maximizing Tech ROI
The three tech thematic pillars of MBA Annual 23 - Maximizing Tech ROI, AI in lending and upcoming digital solutions - could act as a roadmap for CIOs to steer their ships better. For example - the session hosted by Blend on “Making the most of your tech stack” - intends to explain different methods of evaluating the performance of your existing technology stack against current business processes & outcomes.
While this plays well to organizations that already have achieved a high degree of digitization both across customer facing & back office operations - it still leaves out a suitable response plan to the influence of AI in mortgage. This is where the tech track on “AI in lending” attempts to deconstruct the pros & cons of implementing the latest Generative AI capabilities in loan production & servicing.
However, the tool set of CIOs should not be limited to just existing tech stack or Generative AI. It should scan a broader solutioning landscape to spot what’s upcoming & relevant to current business realities. MBA Annual’s tech track on “The Latest in Digital Solutions” aims to spotlight a range of digitization opportunities from eNotes through automated verifications to digital wallets.
Vaultedge’s Alignment with MBA Annual 23
We may be a little biased towards these three sessions at MBA Annual - as they resonate closely with the work we do at Vaultedge. Over the past few years, we have worked with industry leaders like Ocwen PHH & BSI Financial in automating manual processes around document indexing & data extraction. Of course, by now you would have figured that I’ll be attending the MBA Annual 23 at Philly between Oct 15th to Oct 18th. If you’re at the event, let’s meet for coffee & see if there are areas that we could jointly work on.
See you in Philly, then!