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Expert: Lenders shouldn’t view technology as something to adopt

Lenders should see themselves as tech companies

Lenders shouldn’t view technology as something to adopt in today’s ever-changing market, but instead should see themselves as technology companies.

While many borrowers aren’t aware of what fintech is, they do know technology has finally started to make home buying, selling and financing much easier, according to Maria Moskver, Cloudvirga chief legal and compliance officer and 2018 HousingWire Women of Influence winner.

HousingWire Women of Influence award honors the shapers, the changers, the ones who are making a difference in the housing industry and paving the path for others to follow.

And nominations are now open for this year’s award!

The honors are given to individuals who are making notable contributions to both their businesses and to the industry at-large – with a specific focus on contributions made in the most recent 12 months. Their energy, ideas, achievements, as well as commitment to excellence and progress, give us a look at the future of the industry.

Is this someone you know? Is it you? Check out our tips on how to win here, then nominate here!

Hurry, the nomination period closes today!

Moskver explained women can rise to leadership when they have a passion for what they do and be transparent in their communication.

“I look at leadership as mentoring the individuals on my teams to become the most successful professionals they can be,” Moskver said. “It’s a unique and very special opportunity to make an impression on someone’s life, who then, in turn, can have the same impact on the next person they engage with. While aspiring to leadership is not a passion or goal possessed by all, if identified, I like to develop the strengths in individuals, to help them develop their growth plans, and to enhance their qualities.”

“For those that aspire to leadership, when you have passion for what you do, and you can share your insights and be transparent in your communications, people will look to you for leadership,” she said. “At the end of the day, you can only expect trust back if you can trust, and that is how I build my teams.”

HousingWire sat down with Moskver to discuss the role fintech should play in housing finance.

HousingWire: What role do you think fintech will play in the housing market in 2019?

Maria Moskver: Homebuyers and owners may not be aware of industry words such as fintech and disruption, but they do know technology has finally started to make home buying, selling and financing much easier. They expect both digital simplicity and personalized human advice, and we must constantly innovate to stay ahead of these expectations. Fintech isn't just playing a role in staying ahead of customer expectations, it is the driving force uniting all finance, real estate and technology company innovation in 2019 and beyond. As the first digital native population enters the housing market, it is looking for an enhanced and streamlined digital experience, much different than the paper driven, time consuming experience of buying and selling a home and obtaining a mortgage. Even federal regulators, such as the CFPB and OCC, are supportive of innovation in fintech to enhance the consumer experience.

HW: How important is it that lenders adopt the latest technology?

MM: The mortgage industry is large and very highly regulated, and yet, it is a key component of the economy. Lenders shouldn't view technology as something to adopt. Instead, they must view themselves as technology companies or partner with companies that offer technological solutions. Customers expect wonderful, user friendly technology from every company they work with now. Lenders must deliver this experience with their own special processes, branding, and seamless digital/human service. Lenders don't need armies of technologists to deliver this, but they do need the right partners that enable them to deploy scale technology impressive enough to attract consumers and tailored to their needs.

HW: What is the biggest problem technology needs to solve for lenders and other real estate professionals?

MM: Transparency. The traditional housing market is bifurcated, with little to no interaction between the various providers, such as Realtors, mortgage brokers, appraisers, insurance and title companies, etc. The goal is to create a transparent, streamlined environment for the customer to be able to obtain every needed piece of information for their transaction, even if the various providers aren't under one roof. Realtors, lenders, appraisers, insurance and title companies should all share real time information and become part of one digital/human customer experience. Not only does this create a much easier and understandable process for the customer, it also helps engage customers long-term in their continuous lifecycle of buying, selling, financing and improving their home.

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