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MBA Tech Conference 2022: Technology solutions and safeguarding the mortgage industry

By
Mohona Dutta
May 12, 2022
3 MIN READ
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The last time MBA had held a tech conference and met everyone was for the TECH2019. The conference focused on tech solutions for businesses in real estate finance, MBA's Technology Solutions Conference & Expo (TECH2022) is back in person, and this time it’s in Vegas!

The goal of this year’s tech conference is to discuss new and emerging technologies, remote online notarization, cybersecurity, eClosings, and more. Although there are plenty of sessions that can enlighten visitors about the latest buzz in the industry and its various verticals, we have identified the ones that can’t be missed.

Theme 1: Digitization of business processes

Two years ago, when interest rates hit the lowest ever in the mortgage industry and homeowners flocked to refinance their loans, it was an interesting time for the mortgage world. Fast forward to today, with interest rates topping 5% refinances are way down. It is going to be a purchase market and non-QM mortgages are back in fashion. Overall, volume is expected to go down by 20% to 30%. The sessions on technology and business track talk about what lenders need to do, to tackle the declining volume. 

Lenders have to utilize a myriad of avenues that the digital world presents, now. Business processes have to be optimized to satisfy the end customer. Painstaking loan processing and analyzing income using archaic tools have to be eliminated. 

Here are some interesting sessions where industry experts share their views on what works when it comes to employing digitization in the mortgage industry and how companies have utilized full and hybrid eClosings, as well as related topics, including eNotarization and Remote Online Notary:

These sessions not only intend to highlight the use of technology but also talk about adopting the change. They share best practices and key components for technology adoption and explain approaches to ensure tech is used to its fullest potential.  

Theme 2: Embracing technology and looking beyond the future

A few years ago, terms like AI, ML, NLP, and conversational AI sounded like they were fantasies conjured up by the likes of the great H.G. Wells. But today, these types of artificial intelligence are as real as they can be. The mortgage industry has been embracing technology to streamline the process of getting a mortgage, to make the borrower experience more efficient. 

Many lenders have addressed the issue of a smoother mortgage-application experience by digitizing the front-end platform, but the back end operations are relatively untouched yet by modern technologies.

Many loan origination and servicing processes are still tedious, labor-intensive, and fragmented—in other words, ready for disruption.

The MBA tech conference kicks off with a special session that addresses the strides that technology has taken in the mortgage industry and the nature of its prophetic future. Along with another one that talks about the innovations in the residential lending field. 

Thoughtful discussions on the promise and realities of technology; where we are and where we may be heading. Will there be consumer-centric platforms that integrate home sales, lending, insurance, and other home-related services?         

Listen to the panelists as they share their visions of the future.

Theme 3: The rising ugly head of cybersecurity attacks

With the emergence of the digitally-biased consumer and the wave of advanced technology, there arises a grave danger of cybersecurity attacks. Security risks don’t just mean breaches and ransomware. Increasingly, individuals and companies are losing money due to wire fraud and other attacks. Lending is a crucial component of the nation’s infrastructure, which is one reason it is more prone to being attacked.

As the mortgage ecosphere becomes more technologically intertwined, the risks to cybersecurity, data, and info-security surge. These risks should be top-of-mind for mortgage professionals. Cyber risks keep evolving, as do oversight and regulation.

The pandemic caused an upheaval in the way we used to work three years ago and companies pivoted rapidly to working remotely due to this. As companies march ahead, many are redefining what the future will look like. 

Four main sessions have been scheduled to talk about the issue of cybersecurity and strategies to tackle them.

Panels of experts will go over the topics of security, remote access, and technology tools and review the latest issues and regulatory oversight, and offer insight on potential future attack vectors. 

The Innovation Hub:

MBA's conferences have been giving industry innovators a platform to showcase their latest products or talk about their new services. 

The MBA Technology Solutions Conference & Expo 2022 is no different. At the Innovation Hub you will witness leading companies, industry leaders showcasing their state-of-the-art products and latest innovations. 

Vaultedge has always been a champion for technological advancements in the mortgage industry and is proud to be a part of this event. Keeping up with the current theme at the MBA Technology Solutions Conference & Expo, 2022 we are showcasing our latest innovative product that guarantees reduce the closing duration from hours to minutes at booth #115.

Income Analysis at the click of a button!

Vaultedge Income Analyzer is an AI-enabled product that scrutinizes stacks of GSE compliant forms to assess the income for W2 and self-employed borrowers. Users can upload documents like-W2, 1099, Paystubs, Bank Statements, Tax returns (1040, 1040 Sch C, 1065, 1120, 1120S) and get a pre-filled income analysis file. It has been attributed with a scalable interface that can allow lenders to modify the income data as deemed necessary. 

Vaultedge Income Analyzer can increase the pull-through rate by 33% and shorten the time needed to underwrite a mortgage by 80%.

Conclusion:

Given the industry-wide objective to provide a delightful consumer/user experience and to create long-term effectiveness, several innovative mortgage-product offerings and technology solutions have emerged. This technological conference couldn’t have happened at a better time. With the ever-demanding digitally-aligned consumer, ready with a range of choices, the mortgage industry is tactically embracing the advent of technology with innovation being a part of their organizational strategy.

Mohona Dutta
Content Manager