The Power of Tech Stacks, Innovative Product Demos, and everything AI — Kathryn Flanagan’s DigMo 2024 Recap
National Mortgage News’ Digital Mortgage (DigMo) conference kicked off mortgage event season earlier this month, and boy did it feel like a breath of fresh air. Attendees were optimistic with an anticipated refinance wave on the horizon, consumer-friendly technology was on display, and the comradery across lenders, servicers, technology providers, and regulators was at an all-time high with a ton of open conversations about how we can create a better future for our industry. From the fair and funny feedback from the judges of the product demos, the Consumer Financial Protection Bureau’s (CFPB) Mark McArdle hot take on Star Trek captains (spoiler alert: he is Picard all the way, to which I agree!), and the authentic panel discussions, the spirit of excitement was everywhere.
From me, DigMo brings together some of my favorite things: customers, colleagues, and innovation.
Sagent Customers Taking on DigMo
Paul Akinmade, Chief Strategy Officer at CMG Financial, and Jeff Bode, CEO of Click N’ Close discussed the power of their technology stacks, highlighting how they both prioritize the homeowners’ servicing experience, while championing innovation. Investment in origination technology has been the focus for many lenders, but not considering the connective experience with servicing.
Forward-looking leaders — like Jeff and Paul — have already been building their servicing technology. In addition to providing a warm hand off from originations to servicing, they have also focused on proactively re-engaging customers. By leveraging data, CMG and Click N’ Close are ready and able to support their homeowners in the foreseeable refi-boom. This unified approach to technology gives them an edge, all while putting the homeowner first.
Sagent Colleagues Crushing it on Stage at DigMo
If you were at DigMo, you might have heard me cheering on my colleagues Bart Bailey and Jennifer Johnson during their technology demo.
Showcasing Dara Loss Mitigation with Dara AI capabilities, Sagent has created an empathetic and simple experience for the difficult times when a homeowner may experience hardship.
What do I mean by empathetic? On what could be the worst day of a homeowner’s journey, they do not want to get bogged down in paperwork, attempt to decipher legalese, feel like they’re muddling their way through a laborious process, or wait for days on end for options to help them get back on track.
Sagent’s simple self-serve experience using Sagent’s CARE customer portal and AI-enhanced processes allow servicers to quickly provide tailored options to help guide the homeowner out of their hardship. Using real time data, homeowner friendly communication, and a digital end-to-end experience, Sagent’s Dara Loss Mitigation puts power back in the hands of the homeowner. Servicers will reduce inbound calls, eliminate unnecessary delays, and eliminate the need for paper mail, which will reduce operating costs. Now, that’s something I think we can all get behind!
DigMo’s Support of Innovation for our Industry’s Future
One thing I love about this conference is the focus on real innovation that lenders and servicers can adopt today.
The proof was laid bare on the demo stage, and technology providers did not disappoint. Judges Christina Zulueta Randolph (Freddie Mac), Robin Clayton (PRMG), and Julian Hebron (The Basis Point) were a well-balanced trio that rivaled American Idol (am I dating myself with that reference?). They focused on what is going to move our industry forward, and that meant customer experience, efficiency, compliance, and embracing AI.
These themes persisted throughout the conference as well. Part of innovation is embracing new technology and the hot topic this year is Artificial Intelligence (AI). As part of the demos, many technology providers (including Sagent) are taking the leap to incorporating AI – including human in the loop and generative AI – to streamline processes and reduce costs. But, innovation means new definitions and new regulations. As Wendy Lee (Buchalter) discussed, laws are still being defined for AI. Colorado has recently defined AI and how it can be used. Yet, there is still fluidity of interpretation. States are looking to put pressure on the federal government to make definitions and create guidelines for the industry to operate within. So, if you’re living in the gray area and feeling the pressure to adopt AI, what should you do? Mark McArlde (CFPB) encouraged attendees to engage the CFPB if lenders and servicers have any uncertainty. Connect with your technology providers and understand how they are using AI and what outcomes it effects.
The newness around AI added to the feeling of “we’re all in this together”. That we are linking arms as an industry — lenders, servicers, technology providers, regulators, and more — to make significant improvements for the betterment of existing and future homeowners.