Future Trends in Mortgage Industry

Consumer Demand Professionals Mobile Devices Regulation Drivers of change? Consumer Demand Professionals Mobile Devices Regulation

Millenials big influence This growing population is a big part of the change! Have a knack for Technology Want experience more in line with their expectations. Extensive use of mobile devices – actually use more than PC and have with them at all times. Main tool to interface with applications, information, and above all, communications.

(continued) Email is not effective, we know this! Text messages have a 95% open rate We MUST adapt!

Technology = Experience Consumers expect to have a simple convenient solution for all their business needs. Mobile and Web technology provide tools & flexibility that offer convenience and overall experience. Products don’t drive decisions, but technology will and does!

Inside Industry “Our teams want a more efficient and effective way to do their job. When processes become more efficient it gives way to productivity.” Consumers want convenience, and flexibility. Mobile device usage continues to grow across the population while technology continues to enhance the ways we can use these devices.

Regulation Greatest challenge is to find compliant balance between innovation and regulation. Consumer protection Transparency Education Cost reductions – efficiency, error, audit

eMortgage experience! Goal = full eMortgage experience Today and future – share detailed information easier, faster, with advancing technology such as Artificial Intelligence. Regulation could enable or stifle innovation Goal = full eMortgage experience Require regulation to re-examine home purchase in digital world and change out dated laws

How can lenders evolve technology to meet demands of the consumer How can lenders evolve technology to meet demands of the consumer? What are the consumer challenges and desires? What are the challenges facing lenders?

New technologies are not being created for industry; Need to leverage existing into our industry. Think Turbo Tax! (self-service portals, mobile apps, AI, chatbots) Technology based solutions exist today and proven widely successful in other industries Think TurboTax, self-serve portals, Mobile Apps, AI/Chatbots

Customer Satisfaction Process Efficiency Brand Awareness Market Share Customer Satisfaction Process Efficiency Costs

Current Top 5 problems From Consumer Perspective: Process took too long Too many requests and lost documents Lack of communication Loan Officer/Representative not available Deadlines missed

“repurpose” technology Mobile technology to all parties to the loan process Logic and 3rd party data sources in application Property search tools – relationship and value Loan status tracking and internal messaging Secure doc sharing and signing in one safe location Automated alerts and reminders – on schedule! Create a positive experience with single intuitive solution.

”New” lending experience Provide tools to help educate borrowers on lending options prior to engaging lender Create more self-service solutions Advancements in Artificial Intelligence will influence consumer behavior and demand technology as part of the lending experience More about the experience and control then programs and costs

Future Technology Focus Real information, fast, easily, from trusted source. Transparency with the consumer Give control to consumer Self-serve, concierge style solutions Improving efficiencies for all involved Reduction in costs Reduced home purchase/loan timeline