We recently covered the lack of diversity in the real estate profession, which could be a roadblock to a free and fair market.
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Hello HousingWire readers,
We had a lively discussion about real estate commissions and free markets in the HW+ Slack channel last Wednesday. Several HW+ members argued that 5-6% commissions were fair, because consumers participate in a free housing market, and can choose to work with discount brokers or sell their properties themselves.
This got me thinking. Is housing really a free and fair market?
I reviewed some research in a recent white paper by iEmergent, and discovered that "Mortgage denial rates in 2019...were 16% for Black borrowers and 10.8% for Hispanic borrowers, while Asian borrowers faced an 8.6% denial rate and 6.1% of non-Hispanic White borrowers were refused a home loan."
It's clear to me that we haven't yet achieved a free and fair housing market for everyone. But as Kevin Peranio, Chief Lending Officer at PRMG, said in Wednesday's HW+ Slack chat, "We can always improve. Competition and information like this...only helps that cause."
While advances have been made in automating aspects of the mortgage manufacturing process, there are still document-intensive and manual steps that cost firms considerable time and money.
Join us as SoftWorks AI CEO Ari Gross and Avanze CEO Auvese Pasha explore the advances in technology that allow for greater levels of automation and cost reduction, especially in support of post-close and pre-fund review.
Competition is going to increase quickly as the nation recovers from the pandemic, and those who are using tech to keep their pipeline flowing will be better equipped to compete and win new business.
This white paper will explore how investments in digital acquisition directly contribute to a lender's ability to maximize future profitability and allow them to remain competitive. Download the white paper for a playbook to building a tech-enabled acquisition strategy for growth.
Join Elite Digital Advisors President and CEO Dan McGrew, DocMagic Senior Account Executive Leah Sommerville, Atlantic Bay Mortgage COO Chrissy Brown and Canopy Mortgage Co-founder Jeff Reeves for a conversation on successful digital implementation strategies and the future of RON technology. We will discuss the status of federal legislation, trends in digital adoption and how best to prepare your organization for the next generation of lending processes.
To automate your mortgage process, using the best possible document classification technology—better known in the mortgage industry as Optical Character Recognition (OCR) —leads to significant improvements. If loan file processing were a human body, document classification would be the eyes and the brain. Eyes to read, and a brain to learn and to process the information.
Recent advancements in the application of AI and Machine Learning technology have led to a new breed of "smart" OCR software called Cognitive Capture. This eBook addresses the challenges faced by legacy OCR and RPA and then focuses on how Cognitive Capture Software addresses and overcomes these challenges.
Digital adoption done the right way capitalizes on the advantages of digital solutions for lenders while also empowering consumers to benefit more from their financial data. But building an empowering experience for your customers doesn't happen overnight.
This guide will walk you through how you can build an empowering experience for borrowers and loan officers alike with tried-and-true digital adoption best practices. In the end, we hope you'll have a digital adoption process that has your customers and your competitors talking.
For many lenders, the past year put a magnifying glass on processes that could not withstand the unparalleled volume. And while it was tempting to say they were too busy to implement new solutions, many companies found that to stay ahead of the competition, new workflow improvements were vital.
Stearns Lending was among those companies looking to improve a process. More specifically, the lender was looking to reduce underwriting time spent on borrow income analysis. Download this case study to learn how Stearns has been able to save its underwriters up to four hours per loan while delivering more reliable borrower income calculations.
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