March 23, 2021

C-Suite, Operations, Loan Officer, Technology, Industry News, Origination

Mortgage Disruption Outlook

Key Takeaways from the HW Spring Summit 2021 Mortgage Disruption Outlook Panel

Earlier this month, Radian was named a 2021 HW Tech100 Real Estate winner for its focus on leveraging technology to increase efficiency and improve the user-experience for clients. Radian also joined the HousingWire (HW) Spring Summit 2021 to share insights on how technology is changing the mortgage industry during the “Mortgage Disruption Outlook” panel discussion.

Radian’s Chief Technology Officer, Mark Wai, provided an overview of the dramatic digital transformation currently underway and discussed how technologies like artificial intelligence (AI) and blockchain are poised to further reshape the sector in the years to come.

Mark Wai was joined by Blend CEO Nima Ghamsari and Figure CEO Mike Cagney, to discuss the technologies and competitors that are poised to disrupt the mortgage industry. The conversation delved into use cases for blockchain, where automation could be most disruptive, and external threats lenders should have on their radar. We’ve pulled out some of the key discussion points for our readers:

 

We are currently on the path to total digitization. 


While technologies have made significant advancements in recent years, the homebuying experience is still disjointed for the consumer. Most digital products are very specific to one part of the real estate transaction, including the home inspection, appraisal and title searches, closing disclosure review, and everything else in between. For technology to truly serve the consumer with an end-to-end solution, it must connect every part of the process.

 

Blockchain and AI have the potential to improve key touchpoints throughout the mortgage lifestyle. 


Blockchain and AI can transform time-intensive parts of the transaction like underwriting and loan decisioning; image recognition in valuation process; title processing; managing legal documents; automating compliance and auditing.

 

Progress is being motivated by the need for a better consumer experience.


Mark shares what motivates us at Radian: our fundamental mission to help ensure the American dream of homeownership. By focusing on improving the homebuyer journey, we can create a better experience for all stakeholders in the transaction.

 

Speed is a critical factor defining how technology is leveraged. 


Lenders are increasingly prioritizing the speed offered by technology integrations over the time-consuming process of developing proprietary tech in-house. In turn, these integrations can drive faster transactions, from application to rate lock, fund to close and close to delivery.

 

External threats are accelerating the pace of digital innovation. 


Consumer giants like Walmart and Amazon looking to enter the mortgage space are pushing existing industry participants to work faster to achieve digital transformation. However, it remains to be seen how regulators will handle these companies that have already monopolized the retail and eCommerce ecosystem.

The full panel discussion is available to HW+ members here.

 

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