Hey bankers, Steve Williams from Cornerstone I’m at Ellie Mae Experience 2018 at the Wynn Hotel in Las Vegas where thousands of mortgage bankers are talking about the future of their industry and two things came up; number one, digital experience with folks like Amazon saying they want to get into mortgage lending you can bet these folks are wondering can they keep up and so they’re interested in Ellie Mae’s consumer connect module and can they deploy that. But there were other
partners here like Roostify, Blend, Plaid, Mortgage Hippo who are bringing these kind of digital tools to financial institutions.
Second thing, cost to originate in all of this technology it’s still more expensive now than 10 years ago to originate a mortgage from compliance, and two we’re paying up for
mortgage originators now because of the end of the refi boom and it’s shifting to a purchase market so at a lot of these mortgage bankers thinking about, how do I get a better customer experience on the digital side but how do I drive down those costs when originator compensation is still very high. Looked at someone like Amazon data integration robotics on the back-end of processing closing fulfillment you’re gonna see mortgage bankers going after cost hard in the next few years it’s a lot of work on the front-end a lot of work to lower cost on the back-end.
I think I might get a drink at the bar before I go to the airport, Steve Williams from Cornerstone Advisors, reporting from Ellie Mae Experience 2018 – the big chat about mortgage banking’s future.