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Just two weeks ago, many of us were navigating the virtual halls of MBA Spring trying to get a glimpse of the latest industry technology in the exhibit halls and demos held on the HUB stage. We hope you found time to come see us at the show. During the event LoanLogics® featured:
- LoanLogics IDEA™ OnDemand in a demo – the product demo can be viewed here
- Our two latest products announced in 2021, LoanLogics HMDA DirectCheck™ and LoanLogics IDEA™ for MSR Transfer
- Our podcast series discussing the friction present in the correspondent, wholesale and MSR channels.
Tuning into the many breakout sessions and main stage keynotes was also a priority for attendees. Some key commentary heard around the conference included:
- A healthy looking economic and mortgage forecast
- The need for more affordable housing and diversity in our industry
- A rising focus on loan quality, with heavier enforcement activity likely on the horizon
- A message on borrower care, particularly in the area of servicing with forbearance activity high
- The demand for more skills-based workflow and automation, reinforced with the notion that tech budgets are rising, to address the investments made in personnel this last year, which were complicated, costly, cumbersome… to name a few.
LoanLogics also wanted to know a bit more about what was on people’s minds, so we ran a Technology Insights Survey in our booth. All respondents (who spanned a wide variety of mortgage channels and roles) were entered to win a $250 gift card. CONGRATULATIONS to our big winner, Brittnay Sills, from Loan Depot.
Here’s what we heard about tech adoption:
The top three biggest obstacles/challenges associated with adopting new technology were:
Implementation took too long, user resistance to change and estimating ROI & payback period.
The most important items a technology vendor could provide during the evaluation phase ranked (5 = Most Important and 1 = Least Important) was:
The most important items a vendor can do during and after a technology implementation ranked (5 = Most Important and 1 = Least Important) was:
And finally….As we move out of forbearance and from a Refi to a Purchase market, what are your top priorities for 2021 (select three)
LoanLogics talks a lot about the significance of looking at mortgage processes/workflows and understanding how the industry must #AutomateFirst to optimize internal resources for speed, accuracy and scale. Improving data and doc processing accuracy, a survey respondent priority identified for 2021, throughout the loan life cycle is at the core of our business, This all naturally translates to better returns. We provide ROI calculators and Try Before You Buy Pograms for our solutions to help lenders know and experience the value of their investment, overcoming one of the challenges to adoption identified in our survey.
We also practices what we preach at LoanLogics, leveraging our own data-drive digital technology in our audit operations. As such, the individual productivity results our auditors are capable of achieving are consistent and repeatable. Check out our white paper which explains why internal or outsourced loan quality management should be backed by business rules driven automation to achieve true efficiency and staff optimization.
