1. Future Trends in Mortgage Industry

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

3. 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.

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

5. 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!

6. 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.

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

8. 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

9. 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?

10. 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

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

12. 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

13. “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.

14. ”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

15. 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