Another Mortgage Bankers Association Annual Event is in the books! This October, real estate finance mortgage professionals met at our nation’s capital to network, learn, and discover tools to ensure success for their businesses.
Powerful speeches were given by industry experts: Janet L. Yellen, the first woman to be appointed as Federal Reserve Chair; Craig Phillips, Counselor to the Secretary, U.S. Department of the Treasury; and the Honorable Brian D. Montgomery, Assistant Secretary for Housing and Urban Development for Housing, as well as many more industry experts and leaders in the financial mortgage field.
The Land Gorilla team was able to hear some of the presentations, but mostly we had the opportunity to meet and talk with attendees in the expo hall. Innovative, forward-thinking mortgage lenders stopped by our booth, and we had the happy experience of identifying and solving needs to really skyrocket their plans for innovation in construction lending.
Thanks to these meetings and the general buzz of the show, we’ve returned home with some key takeaways:
Margin compression was a big topic at the MBA Annual this year. However, lenders were very optimistic regarding the continued growth of their construction and renovation loan programs.
Mortgage applications may be down—possibly thanks to current interest rates—but construction and renovation lending is on the rise. It’s Land Gorilla’s responsibility to help make construction and renovation lending programs the best they can be, with control, scalability, and risk mitigation.
Benefits and Opportunities with Construction Lending
The forward-thinking lenders we met with were not blind to the benefits a construction and renovation loan program could offer their business. Increasing purchase money transaction, recruiting and retaining the best originators, and maintaining customer loyalty are some of the opportunities lenders are seizing by offering construction loans. These and other benefits have lenders highly motivated to grow this segment of their business.
Efficiencies in Construction Loan Growth
With lenders clearly setting their attention to construction lending, they are now on the hunt to look for operational efficiencies. Lenders are looking to see if it’s possible to optimize and scale their loan management capabilities without increasing labor costs. A key concern lenders brought up was the ease of adoption for their team for any solution they implement, as well as making sure the solution optimized their team’s daily workflow. Lenders were pleased to see that Land Gorilla has the solution that could innately cut costs for every construction loan, provide intuitive workflows to help close loans faster, make data-driven decisions, reduce project completion times, boost loan admin productivity, and most importantly increase profitability.
Financial Technology is on Everyone’s Minds
As consumer demand for digital mortgage experiences increases, lenders at MBA Annual are looking for financial tech that incorporates construction and renovation loan products. The Mortgage Banker’s informal poll, “How will you make it a monumental year?” showed “innovation” as the most popular result, followed by “networking and training”.
There is no doubt that technology plays a role in innovation, which is why we chose to announce our new integration with zlein during the conference. The first of its type, this integration makes the payment process and visibility simple and seamless for everyone involved.
If you didn’t get a chance to catch a Land Gorilla Demo while at MBA annual, click here to get in touch and book a meeting now.