As interest rates rise, one expert explained it is now more important than ever for lenders to become more transparent with their data – as the demand for it will soon increase.
Nominations for HousingWire’s Tech100 Award opened at the beginning of this month and now the deadline to nominate your company is quickly approaching.
One of the biggest changes to this year’s award is the addition of our editorial advisory committee. This year, for the first time ever, nominees will be reviewed by an advisory committee, made up of some of the best minds in the housing industry. This committee will then advise HousingWire’s internal award review board of potential finalists before the winners are selected. Click here to see who is on this committee.
But now, members of that committee have come together to inform HW readers on some of the biggest issues in tech today. HousingWire interviewed Saxony Partners Director Alex Fan, who talked about some of housing’s biggest issues – including the need for more transparency among mortgage lenders.
Here is the first part, with more questions and answers to follow from Fan and other experts in the weeks leading up to the end of the Tech100 nomination period:
HousingWire: What areas of housing market are in highest need for technology innovation?
Alex Fan: One of the biggest problems we see is insight into the true cost and performance of the business – this is a result of not having visibility into an organization’s data. With interest rates being low for so long, companies were able to get by just by being in the industry – think “A rising tide lifts all boats.” With the shift in interest rates, it’s more important than ever for the majority of mortgage companies to do more with their data. As you think through all the vertical integrations with the mortgage industry (construction, real estate, secondary markets, etc.), consumers/borrowers are asking for more data, and businesses need to be able to understand and respond to the data. Second to that, we believe process automation needs to improve to decrease operational costs and increase the velocity of business processes.
HW: How do you think technology improves the housing economy and homeownership experience?
AF: As companies figure out how to leverage technology better, and particularly data and process automation (going back to my themes from question one), consumers will be able to better informed and better equipped to make decisions and the time to process/underwrite loans will decrease. Finding better ways to deliver and process that data through technology will also enable them to do things easier and quicker. Every borrower wants better quality and up-to-date data, streamlined processes, ease of use and quick turnaround time.