Having spent most of my career in finance, operations, and technology, I look for mortgage banking solutions that meet a simple test: does it improve profitability and/or customer satisfaction, without harming either one.
At MBA’s Technology Solutions Conference & Expo 2018 in Detroit, I heard a lot of disappointment. Not with the conference itself, but with the lack of exciting “NEW STUFF”. I think this is a symptom of FinTech fatigue.
We’ve been hearing about breakthrough tech, like Blockchain and all things digital mortgage for years now. While many of us know that we have challenges that technology should be able to solve, the needle has not really moved very much for the industry as a whole.
At a time when our industry is under significant profit pressure due to diminished volume, investment is difficult for many.
I recently joined Teraverde because I saw 3 key attributes at the company:
- A great perspective on the mortgage banking industry and the challenges and opportunities we all face
- Significant ‘real world’ mortgage banking experience and a culture of integrity powered by a ‘Get it done’ mentality
- Great technology ‘under the hood’ presented in a way that is actually useful to mortgage bankers with profit responsibility
“At about the same time I joined Teraverde, Jim Deitch’s new book — ‘Digitally Transforming the Mortgage Banking Industry’ was released and quickly achieved Best Seller status. Here is a selection from the Introduction to the book:
“The world of mortgage banking has been tied down by traditional ways of doing things. In fact, there are protocols in place that trace back multiple decades to just after the Great Depression. While industries around us have been exploring new ways of doing things and (perhaps most importantly) new technologies, mortgage banking has tended to stay with the tried and true.
While some in the mortgage industry maintain an “if it ain’t broke, don’t fix it” mentality, more and more maverick thought leaders are turning to transformation, be it via process, technology, or product innovation.
And it cannot come soon enough.”
I have found the Teraverde Team to be a group of smart, action oriented, customer focused and highly motivated people. I am proud to be associated with them all. I think we can transform the mortgage banking industry.
Frank
