#MBATech18 preview: Three hot lending topics

It’s just around the corner: the MBA’s Technology Solutions Conference & Expo 2018!

This is the mortgage industry’s premier conference, focusing on today’s lending trends, challenges and technology solutions. Attendees will overrun Detroit to explore new opportunities and to better understand how their peers are moving their organizations forward.

Three hot topics will dominate the main stage and chitchat over the lunch buffet and evening events:

1. Industry disruption

The disruption of the mortgage industry is real, and it’s here. Led by FinTech startups, they are demonstrating how the creative application of innovative technology can deliver the products, services and overall experience customers want from every business they connect with. Lenders, as well, want a modern way to access, share and work with information, and a complete view of their customers at any time.

With outdated and siloed legacy systems unable to meet these demands, lenders have to decide whether they want to take part in this disruption or be among the disrupted. To accelerate their digital transformation, lenders should look at platforms that integrate, wrap and extend legacy systems, providing a bridge from their functionally limited present to their agile and responsive digitally transformed future.

2. Digital evolution

It’s clear the traditional borrowing process leaves a lot to be desired in terms of the borrower experience. Digital technology is transforming the mortgage lending industry by providing borrowers with greater simplicity, efficiency and transparency.

Simply put, the organizations that use digital technology to process applications, deliver decisions and quickly provide funding will easily move ahead of their competition.

And, as this competition increases, lenders must take advantage of new technologies and capabilities that make decisioining and processing simpler and faster. For instance, leveraging optical character recognition (OCR) and intelligent capture technology significantly reduces the number of human touch points required in today’s lending process, reducing time spent classifying, sorting and validating documents. This allows lenders more time for due diligence and helps ensure regulatory compliance.

The #MBA18 agenda is filled with sessions dedicated to exploring how lenders can leverage digital technology to create business opportunities, including how to determine ROI, drive organizational change and improve the consumer experience.

3. The Quicken quest

It’s no surprise why the MBA selected Detroit as its venue for # MBATech18; it is the home of the nation’s largest home mortgage lender, Quicken Loans Inc. The tremendously successful lender closed more than $400 billion of mortgage volume across all 50 states from 2013 through 2017.

Quicken is also credited for reinventing the way Americans think about their finances. Building disruptive technologies to simplify the mortgage experience – such as its continual evolution of Rocket Mortgage, the world’s first fully online, on-demand mortgage experience, completely customized to fit clients’ unique financial situations – is the key to Quicken’s success.

To set the stage, on Monday evening (April 16), Quicken Loans is hosting the #MBATech18 attendees at its headquarters for a special reception. The following morning, Dan Gilbert, founder and chairman of Quicken Loans, will kick off Tuesday’s general session and discuss how Quicken has completely revolutionized the lending arena and transformed the city of Detroit.

#MBATech18 in Detroit – a city that represents American ingenuity and revitalization – is the perfect setting to evaluate how you and your organization are embracing the digital evolution and preparing for the journey ahead.

Don’t get left behind your competition! To learn more, come see me in booth 535!

Michelle Harbinak Shapiro

Michelle Harbinak Shapiro

Michelle Shapiro brings more than 15 years of experience in the banking industry to her role as Financial Services marketing portfolio manager at Hyland. Her mission is to share best practices and evangelize the power of ECM as a tool for banks, credit unions and lenders to help automate paper-based processes and proactively manage regulations.

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