Every year we recognize 50 housing leaders as Vanguards — people whose leadership and accomplishments are "moving markets forward."
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Every year we recognize 50 housing leaders asVanguards — people whose leadership and accomplishments are "moving markets forward." This year we're interviewing those winners to find out what trends they're paying attention to and how they're preparing to meet future challenges.
Last week HW+ Managing Editor Brena Nath interviewed industry stalwart Cathleen Schreiner Gates, who served as a leader at Ellie Mae before joining SimpleNexus in 2020, where she now serves as CEO. Here's an excerpt from that interview, where Schreiner Gates talks specifically about one of the biggest sea changes in housing: the convergence between real estate and mortgage.
Brena Nath: What are two trends in the mortgage and real estate industry that you're closely watching?
Cathleen Schreiner Gates: I would say there's a convergence going on of two markets that have historically been separate verticals but sort of collide in positive ways and that's the real estate market and the mortgage market. I think those markets are converging because to the borrower, they want a seamless journey from their point of thought. Like, maybe I'm going to buy a house and then start looking through the real-estate alternatives and then need to flow straight into their mortgage process.
Historically, these have been two separate plays that are now coming together and integrating and weaving together into a seamless borrower experience. And guess what the enabler for that is? Technology. I think the other thing is just the speed with which the manufacture of a mortgage is happening. There will be a point in time where the mortgage will happen before you can organize for the movers to come move your stuff.
So, I'm looking at all the different emerging technologies and these small companies that are playing with a piece of the process and automating it just a little bit more, bringing intelligence to it a little bit more, taking eyeballs off of things that automation can help with. I think that's the other significant trend — investments in technology to speed up and take cost out of the process. The convergence of a lot of these.
Today, borrowers expect to close fast. A small issue within the title process can have an impact on the length of the closing process, impacting mortgage lenders and borrowers. Learn about the tools lenders should leverage to streamline home equity title and closing.
"I've always believed that technology for technology's sake is useless. But if you use technology as an enabler to disrupt and move an industry forward, that's super powerful," Cathleen Schreiner Gates, SimpleNexus CEO, said.
Mortgages today are still painfully paper-based. Learn how Snapdocs eVault helps you deliver a fully digital closing and dramatically improves your post-closing, servicing, and secondary marketing processes. Learn more.
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