While lenders aren't going to hold hands around the campfire singing Kumbayah, there is something to be said for attending industry events, sharing stories and gaining a new perspective on what might be established thinking.
I recently attended the Fiserv Client Conference and, as always, it was a huge event. In terms of attendance it is the fourth largest show in the lending industry. And attendance didn't fall off this year as most predict to be the case with other prominent industry events. Why was it still a must-attend event you might ask?
Well, lenders realize that they need to know how their technology works. It's all about doing more with less right now to both stay alive and position for the future. Lenders require more from their technology providers as outsourcing becomes popular and momentum toward full e-mortgages continues.
Both trends require lenders to lean more on their vendor, surely. With an e-mortgage the lending technology has to support several seamless integrations, which aren't possible if the loan origination software isn't flexibe. And with outsourcing the lender is putting core processes directly in the lap of the vendor to perform on their behalf. When attending a user conference the lender is sure they'll get real practical information that they can use when they go home. Lenders can also talk with other lenders that are using the same system. Getting advice is always a positive.
For example, in one of the sessions Fiserv was talking about the new investor upgrades going on within MortgageServ. Fiserv detailed what the upgrade did, what value it brings, how it fits in with the company's long-term vision for where they want MortgageServ to go and what is required for the lender to get up and running on it. Well, one lender in the audience was very vocal about not wanting to upgrade their servicing platform. They didn't want to change. Interestingly, another lender in the audience that had gone through the upgrade spoke up about the process and the benefits of the upgrade. Yet another lender in the audience that was scheduled for the upgrade early next year added that they're very excited to go through the process as a way to be more agile.
It was amazing. The lenders shared their stories and became quasi-sales people on behalf of their vendor. The wonderful results coupled by the enthusiasm to go through the process quelled the change-resistant lender's mind. It was a very insightful session with a heated exchange that led to everyone leaving the room having learned something very valuable about how technology matters.
Maybe if all industry events provided like information, i.e., valuable strategies that lenders can actually use to improve their business, attendance may not be an issue even in a down market.
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