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If your company is making mortgage loans, you're probably looking for new technology. Find us at the next industry conference!
It’s the same every fall. After working hard all summer to get families into new homes before the new school year starts, the industry’s leaders come together in a series of fall conferences. We get together each year this way, but something about this fall seems different.
The market is different, of course. After two years of very high loan volumes, we’re in a downcycle and many lenders are trimming staff and cutting expenses. Typically when that happens, lenders stop requesting information on new lending technologies. That’s not happening this year.
And we’re not the only ones noticing that lenders are actively shopping for new tools. In a recent HousingWire podcast, Editor in Chief Sarah Wheeler visited with Maleesa Smith, managing editor of content solutions, they pointed out that the industry is hungry for better tools.
We’re seeing the same thing. Lenders realize they don’t have the tools they need to remain profitable in the current mortgage environment. Lenders across the industry are seeing their profitability fall. At the same time, they are also frustrated by their inability to reduce their per-loan costs.
Our pipeline of new opportunities has never been stronger. Why? Without going into too much detail, we’re finding that independent mortgage bankers (IMBs) are actively seeking new tools that will allow them to quickly pivot into purchase lending, and in some cases reverse mortgage lending.
And make no mistake, IMBs have very strong purchase money market capabilities. These institutions tend to be very relationship driven, especially as it relates to the real estate community. This is in contrast to depositories, who tend to have stronger consumer connections.
Regardless of the type of financial institution, if the company is making mortgage loans its leadership is probably looking for new technology now. This is going to make this a very exciting fall conference season.
And not just for technology developers, but also for the lenders who are finally going to find the technology solution that allows them to reduce their cost to originate and remain profitable through the downturn.
If your company is traveling to an industry conference this fall, please reach out to us. We’d love to find out more about your goals for 2023.
By Joe Camerieri, EVP, Sales & Strategy at Mortgage Cadence
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Mortgage Cadence:
Megan Martin
EVP, Marketing
(516) 480-6765