04 Aug FUTURE OF MORTGAGES SPEAKER: FUTURE TRENDS, TECHNOLOGY AND INNOVATIONS TO WATCH
Connect with future of mortgages speakers and consulting futurists and you’ll come away smiling. That’s because, despite fluctuating interest rates, many amazing things are happening in the space in terms of new technology trends and workforce innovations. Interested in learning more about how loans and loan providers are embracing new disruptive tech in lending? As future of mortgages speakers and futurists, let’s review several leading trends that are likely to impact the mortgage industry in the future:
- Digital mortgage process – More loan applications, documentation, approvals and closings handled online for faster processing.
- Non-traditional data – Increased use of alternative credit data like rent and utility payments in underwriting to expand access – a top topic among future of mortgages speakers and consulting futurists.
- Rise of fintech lenders – New tech-enabled mortgage lenders will disrupt incumbent banks with faster, streamlined service.
- Blockchain – Potential for ledgering tech to improve mortgage processing efficiency, security and reduce fraud.
- Automation – Artificial intelligence and robotic process automation will cut administrative costs and time for lenders. Tons of future of mortgages speakers and futurists are buzzing about the subject.
- Remote online notarization – Allowing remote mortgage closings online will further enable digital-first lending models.
- Predictive analytics – Data and AI modeling used to assess default risk, set rates and streamline approvals more accurately.
- New financing models – Growth of alternative models like crowdfunding real estate loans or rent-to-own mortgage options.
- 5G and IoT – Ultra-fast 5G networks will power seamless connected device capabilities and real-time monitoring for homes.
- Cybersecurity – Stronger data protections needed as lending goes digital, including for confidential consumer information.
- Regulatory uncertainty – Potential housing finance reforms, interest deduction changes or GSE overhauls adding uncertainty.
The bottom line according to future of mortgages speakers and consulting futurists? Adopting emerging technologies while managing risks will be critical for mortgage lenders to stay competitive.