Culture of service and support are key difference makers for companies trying to succeed in a challenging market, executives said. That approach spans from relationships with customers and referral partners all the way to an organization's employees, said Adam Thorpe, president and chief operating officer of Castle & Cooke.
"As we enter into a market where
It's not just residential lenders that see the need for a service culture to be successful.
"It's always a good sign to see a lender that does repeat business with borrowers. It's a sign they're doing something right," added Larry Grantham, co-founder and senior portfolio manager of Calmwater Capital, a commercial real estate lender based in Los Angeles.
Integration of systems at the point of sale to verify the borrowers' assets, employment and income will help to streamline the process, while at the same time reduce lender's costs, said Altisource Portfolio Solutions Chief Revenue Officer John Vella.
Whether creating these systems in house or going to vendor that already has done all the work, at the end of the day "the ultimate goal is to get better, faster, cheaper," he said.
Here's a look at some of the top challenges and trends that mortgage executives from lenders, servicers and vendors are focused on for 2018.
VA mortgage churn
"If you can't charge a premium for a high risk loan, then you're either going to suffer the consequences of not making the loans or you're going to suffer the consequences of the street paying you a lower premium for that loan. And I still don't know how that's going to stop the churning, because the people that are cherry picking loans out of pools are still going to be able to cherry pick that loan out of a pool."
— Joe Murin, chairman emeritus of mortgage banker NewDay USA, and former Ginnie Mae president
Standing out to grow
"Those non-qualified mortgage loans are where we could distinguish ourselves and we can generate business. More and more lenders are either broadening their
— Andrew Weinberg, president of Great Neck, N.Y.-based mortgage brokerage Silver Fin Capital
Rising home prices
"It doesn't concern me at this point in time because the fundamentals behind the economy are just pretty strong at this point, too. And it doesn't bother me as much because we're fully underwriting these assets, based on their ability to repay. We're not putting people in homes they can't afford."
— Kevin Brungardt, CEO of RoundPoint Mortgage Servicing Corp.
Appraisal technology
"I don't think
— Mark Johnson, chief strategy officer for LRES
Industry consolidation
"2017, for many companies, has been a tough year because of
— Adam Thorpe, president and chief operating officer of mortgage banker Castle & Cooke
Commercial mortgage competition
"It is easy to say you're
— Larry Grantham, co-founder and senior portfolio manager of commercial real estate lender Calmwater Capital
Opening up the credit box
"The infrastructure built over the last couple of years, with the discipline that the qualified mortgage rule put in will allow them to utilize that discipline and
— John Vella, the chief revenue officer for Altisource Portfolio Solutions
Digital mortgage transformation
"The top trends are revolving around
— Steve Comer, sales manager, financial services at Hyland Software