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Looking Ahead to the US Mortgage Bankers Association Annual Convention

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3 October 2022
Craig Focardi

A Time of Turmoil Demands New Technology Strategies

Craig Focardi, CMB

With only three weeks to go before the US Mortgage Bankers Association Annual Convention in Nashville (https://www.mba.org/conferences-and-education/annual-convention-expo), the mortgage lending industry is busy pivoting from two record high years of new lending volume to two upcoming years of record declines in lending volume. Approximately 5,000 mortgage banking and technology professionals will come together to discuss this challenge, strategize on new product strategies, and shop for new technology solutions to help them succeed through the downturn.

What's Past is Prologue

Looking back over the last three years as interest rates plummeted and new lending volume skyrocketed, lenders were focused on expanding staffing and implementing digital point of sale (POS) technology to more easily capture loan applications and outsource processing wherever they could. In 2022, they are right-sizing their organizations as rates skyrocket and new lending plummets.

Celent actively researches, advises, and consults on mortgage lending and consumer finance. For example, in 2021, Discover Home Loans won a Celent Model Bank Award for home equity lending. They were ahead of the curve while this year many lenders are trying to catch up with home equity products and technology. In 2022, America’s Credit Union won a Celent Model Bank Award for digital lending by adopting pre-approved loan offers for virtually every loan type except mortgages. Another lesson here is that retail financial institutions need to pivot from mortgage lending to other areas of retail finance, and fast.

In Nashville my own agenda is focused on products and solutions for:

·new product innovation for home equity loans/lines and consumer lending

·customer retention and cross-sell solutions to mortgage customers locked in with low interest rates

·data and analytics to refine loan underwriting and pricing, and AI-based solutions that lower costs by improving workflow and reducing manual data entry.

·eClosing technology to differentiate your service, attract millennials, lower costs and improve related warehouse lending and secondary marketing transaction. Firms that are not yet Celent clients can download a complimentary copy of our eClosing survey report, courtesy of SimpleNexus, an nCino company, from their website here: Get report

Contact us at info@celent.com or cfocardi@celent.com if you would like to meet in Nashville. I look forward to seeing you there.

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