Expert: Moving too quickly on tech adoption could be a mistake

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Lenders that move too quickly on adopting the latest technology could be making a mistake, and putting their mortgage business at risk.

Lenders should be careful not to move too fast and create unforeseen errors, according to Sadie Gurley, Digital Risk head of diligence services and 2018 HousingWire Women of Influence winner.

HousingWire Women of Influence award honors the shapers, the changers, the ones who are making a difference in the housing industry and paving the path for others to follow.

And nominations are now open for this year’s award!

The honors are given to individuals who are making notable contributions to both their businesses and to the industry at-large – with a specific focus on contributions made in the most recent 12 months. Their energy, ideas, achievements, as well as commitment to excellence and progress, give us a look at the future of the industry.

Is this someone you know? Is it you? Nominate here!

Gurley explained women can focus on two things in their rise to leadership.

“I focus on two things,” Gurley said. “First, bringing more transparency to our clients. I work with my team to ensure that understand what our clients’ objectives are and to view our work through the lens of ‘What does this mean for the client?’”

“The other, while it may be cliché, is to work my way out of a job,” she said. “I push the team to improve their skills in communication and problem solving. I try to identify team members that have a passion for this business, and work with them to broaden their skills.”

HousingWire sat down with Gurley to discuss the evolving role fintech plays, and should play, in mortgage finance.

HousingWire: What role do you think fintech will play in the housing market in 2019?

Sadie Gurley: Fintech remains the biggest driver of change in the mortgage space. Early adopters of fintech originators are able to achieve shorter processing times, reduced errors, less requests to resend documentation and better outcomes. This puts pressure on traditional lenders to invest in better point of sale systems and a more digitized process. This is all great for the consumer. I think fintech will continue to drive innovation in 2019.

HW: How important is it that lenders adopt the latest technology?

SG: I believe it is imperative the traditional lenders review their systems and processes, and find ways to modernize. Consumer behavior has changed, potential borrowers want more of their interaction to be digital whether that is shopping for a rate, applying or completing the mortgage process. I hesitate to suggest that any lender adopt the latest technology. Mortgage origination is complicated and highly regulated and moving too quickly can create unforeseen errors in the process.

HW: What is the biggest problem technology needs to solve for lenders and other real estate professionals?

SG: Speed and certainty. With the technology employed by traditional lenders, purchasing a house or refinancing a mortgage can literally take months. Being able to aggregate and process borrower information quickly, and effectively, reduces the time it takes to process a loan, and provides the borrower more clarity on what they can or cannot achieve.

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