Wells Fargo’s Kristy Fercho on the future of lending
Today’s HousingWire Daily interview features a crossover episode from HousingWire’s Housing News podcast. In this episode, HousingWire’s Editor in Chief Sarah Wheeler interviews Kristy Fercho, executive vice president and head of home lending at Wells Fargo, who also serves as the chairman elect of the Mortgage Bankers Association.
During the episode, Fercho explains how Wells Fargo is serving borrowers during COVID-19, the overall effect forbearance exits will have on the housing market, and whether or not she is optimistic about the big bank model.
Here is a small preview of the interview, which has been lightly edited for length and clarity:
Sarah Wheeler: The rise of fintech has been one of the big stories over the last 5 years. An ongoing conversation in those 5 years — especially on social sites — is how a legacy lender like Wells Fargo can compete with startups who built technology from the get-go to be efficient, who aren’t turning the titanic, who embody that agile mindset. When you look at the future of lending, are you optimistic about the big bank model? And if so, why?
Kristy Fercho: It’s the thing, frankly, that when I came to Wells Fargo, I was actually most excited about, because I think what differentiates the big bank or Wells Fargo specifically, is the relationships we have with our customers. I have been so blown away and impressed by how sticky the Wells Fargo relationships have been with customers. We know a lot about them and their transactions as many of them have direct deposits from their companies coming into Wells Fargo, they’ve also got their checking accounts, banking, credit cards, and now they’re coming in to buy housing. So, there’s an opportunity through all of those interactions to really understand what the needs of that customer are. We can also learn how they think about their financial life, and how it factors into being able to serve their needs. What we’re really trying to drive toward is truly creating synergy and seamlessly integrating those aspects to be able to provide customers with a simple, predictable, and personalized experience.
HousingWire Daily examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.