We’re already in Q4. So, with 2019 coming to close in a few months, we wanted to see what industry leaders said earlier this year. Why wait until the end of the year to take a look back?
Here are some of the best and most insightful quotes from those that have weathered the storms, built successful businesses and have been in the trenches.
On GSE Reform
“I think the good news around the reform proposal that the Administration has put forward is that it clearly would preserve the 30-year fixed rate mortgage, which has become a cornerstone of US housing finance. It would promote stability in the marketplace. If it’s executed well, I think it would avoid potential disruption. It would keep many of the key elements that Fannie and Freddie currently deliver to the market today. And it would preserve the system that lenders and borrowers both really rely on pretty heavily today.” – Tim Mayopoulos, President of Blend Read More
“Bottom line? Recklessness, or simply moving too quickly, is a risk. The devil we know today, two GSEs in conservatorship, at least works and is critical to the complicated and interwoven relationships that begin with a homebuyer and ends in a global universe of investors. Administrative reform, absent legislation, is not the formula that many stakeholders called for because of things like the points stated here. We all have an obligation to be vigilant in our advocacy for attention to detail and avoiding unnecessary adverse outcomes.” – Dave Stevens, former FHA Commissioner and retired Mortgage Bankers Association CEO Read More
“We might see some seasonality slowdown in Q4, but who knows. With the rate environment, if it stays where it is, it could be a very strong Q4 and Q1 (for 2020).” – Matt Ostrander, Co-founder, CEO, and Chairman of Parkside Lending Read More
“I think staying with what you know is important. While the business is different today, it’s still the same in a lot of ways. It’s still a relationship business. Third-party origination is about relationships. It’s about having the product offerings.”- Mike Fontaine, chief financial officer with Plaza Home Mortgage Read More
“Frankly, I see a time, and it’s not that long away, maybe a couple of years, in which the back office will have zero humans. There’ll be over oversight, but you’ll send a mortgage out and it’ll be a completely automated process.” – Steve Butler, Founder and General Manager of AI Foundry Read More
“It’s really easy to take a simple process and make it complicated.It’s even easier to take a complicated process like mortgage manufacturing and make that complicated. I think the biggest thing is to try to keep things as simple as possible and maintain that laser focus on simplicity, and then continue to iterate as you go along and eventually end up at a perfect process. – Hans Dumayag, Vice President of Digital Strategy at loanDepot Read More
“The technology need, the innovation need is actually across the whole spectrum. It is not just the lenders. The lenders are kind of the center of the universe, but they depend on a mortgage insurance company to do their work. They depend on an appraisal company to do their work, the title company to do their work, the credit reporting agencies to do their work. So, the innovation has to really cover the whole gamut in order for the whole industry to come up.” – Mohammad Rashid, Head of Consumer Lending Practice at Tavant Read More
“Embracing technology has allowed players in the industry to not necessarily show up at a gunfight with a knife. You need better tools, and those tools today are technology.” – Ike Suri, Chairman and CEO of FundingShield Read More
“I think that the problems we have to tackle today are still pretty big. We’ve made great progress in the years that I’ve been here, but we still have a lot more that we can do, whether it be with machine learning or data extraction from documents to really turbo-charge the retail experience.” – Brian Martin, Head of Business Development at Blend Read More
“Because at the end of the day, real estate is still hyper-local and that’s where the opportunity is to compete. I think it’ll be a long time before someone pushes a button and buys a home.” – Sanjay Kuttemperoor, Founder and CEO of WikiRealty Read More
“I talked to some of the major consulting firms, and they say that a processing robot (costing) about $10,000 to $20,000 that can do up to 80 percent of what a human loan processor can do. So it’s kind of mind-boggling that we’re still not moving to, or even considering, that type of technology.” – John Vong, Co-Founder and Executive Chairman at ComplianceEase Read More
“Today I think there is an appreciation that this really is a technology that people should understand, and will start to understand, and start to learn about and how to apply it to their businesses,.” – Debbie Hoffman, Founder and CEO or.Symmetry Blockchain Advisors Read More
“I think we’re going to have to wait for someone like a regulator of Fannie or Freddie to implement or to dictate that it be implemented. It will be huge when it’s there, but for now it’s one of those buzzwords.” – Will Vickers, Vice President Industry Technology at Arch Mortgage Insurance Company Read More