Watch our highlight reel to experience some of the many remarkable moments from MBA Annual 2023!
What we learned at MBA Annual 2023
Three recurring themes emerged from the many insightful discussions and speaking sessions held at this year’s event.
Key theme #1: Cost-savings and exemplary customer service are top-of-mind for mortgage lenders
Cost-cutting is a reality that all companies face during times of market uncertainty, and the mortgage industry is no exception. During MBA Annual, lenders collaborated on how to ensure effective cost-savings, without sacrificing customer service or staff productivity.
Key theme #2: The sentiment amongst mortgage lenders, regulatory agencies, and technology providers is optimistic, but realistic
While low transaction volume is expected to continue in the coming year, recovery is likely in 2025. During the “Economic and Mortgage Market Outlook” session at MBA Annual, two promising industry forecasts were discussed:
- Interest rates are expected to peak and subsequently decrease to 6.1% in 2024, further falling under 6% in 2025 (Source: MBA 2023)
- Loan volumes are expected to steadily improve, with a 19% increase expected in 2024 and an additional 15% increase in 2025 (Source: MBA 2023)
Key theme #3: eClosing is not just a top priority for mortgage lenders—settlement and investors are getting on board too
During the session, “The Latest in Digital Solutions,” panelists from Fairway Independent Mortgage, Fannie Mae, Atlas Title, and Snapdocs discussed the recent statistic that 89% of mortgage lenders still plan to expand their eClose offerings to borrowers within the next 12 months.
However, eClosing involves more than just the mortgage lender alone. During the session, Greg Klosterman, SVP of Enterprise Development at Atlas Title, noted that most title companies, including Atlas Title, fully support eClosing because of its benefits for borrowers. Klosterman noted that because lender and settlement are both hyper-focused on customer satisfaction, partnering with lenders to ensure full settlement adoption is a no-brainer.
Similarly, when discussing investor acceptance of eNotes, Michael A. Cafferky, Principal - eMortgages at Freddie Mac explained that most investors (including Freddie Mac, Fannie Mae, and Mr. Cooper) already accept eNotes. And for those lenders whose investors aren’t yet on board, Cafferky notes that the best way to accelerate investor acceptance is to ask for it. In other words, the more lenders request eNote acceptance from investors, the faster investors will get on board.
To round out the session, Teri Pansing, SVP of Corporate Closing at Fairway Independent Mortgage said, “We should all strive to be as “e” as possible–eClosing has become a necessity, not an option, in order to succeed in today’s market.”
We are grateful to have experienced MBA Annual 2023 in historic downtown Philadelphia, and look forward to next year’s event in Denver, Colorado! Chat with an eClosing specialist to learn how Snapdocs is helping hundreds of lenders digitize the closing process, dramatically reduce costs, and improve the homebuying experience for every borrower.
