Happy St. Patrick's Day for those celebrating. On this episode of Now Next Later, Sasha and Jeremy speak with Christy Soukhamneut, Chief Lending Officer of University Federal Credit Union. Christy has experience across the mortgage industry as a lender, industry advocate, partner and leader. The topic for today's discussion is true cost reduction. We hear so much about lowering costs - who is actually doing it? Takeaway #1 - Establish the baseline. For lenders participating in peer groups like MBA survey, you know it. For those without access to industry averages must establish them. Next, you have to establish your goal. The key is - start, stop, keep going. Takeaway #2 - Use the daily friction to accomplish 2 things. 1). Ensures the team will see progress and the support that you are not automating them 2). Ensure the attempt to address inefficiency will have value / ROI. Takeaway #3 - This is a constant process. Loan manufacturing is a consistent challenge. Not only is it on-going, but thinking differently about partnerships and relationships is key. Peer groups, industry collaboratives, and events with partners is key. Example - “Client Advisory Board” might be a good way to create the next step for the industry. Resources we shared in the chat on Google's approach to "toil": https://rework.withgoogle.com/en/guides/understanding-team-effectiveness #innovation #mortgagetech #mortgage

Jeremy is joined by John Haring from Wilqo. John is an expert in the loan origination and mortgage technology space and the duo discusses how mortgage executives can implement a new origination strategy while still existing on the current software. Takeaway #1 - We’re no longer a linear process. We’re sparking tasks as they happen, as they are needed. It’s a consumer-participant in the software. Dynamic. Collaborative. Takeaway #2 - When making the move from one structure of your LOS/origination process to a new, more dynamic structure, considering how we address roles & responsibilities. It will mean change. Just be ready and open to that. Takeaway #3 - What does being “ready to close” to mean? What does it mean for Refi v. Purchase? A system that operates from the consumer-perspective + keeps “ready to close” at the forefront of every communication. #innovation #mortgagetech #mortgage

Today's episode of Now Next Later is a Q&A with Sasha and Jeremy. We want to create a path for lenders to understand how consumer data is changing within the mortgage process. As lenders look to upgrade tech partners and capabilities, consumer data workflows also much change. The difficult part is managing the change while also addressing incentive structure for sales and consumer expectations. Large digital lenders are winning on digital transformation and the profitability numbers are proof. Sasha and I talk through how consumer data and technology partners can help lenders actually achieve real transformation. This is critical to being able to compete on both price and profitability over the next 12-18 months. #innovation #mortgage #firsttimehomebuyer @NowNextLater_Housing

On today's episode of Now Next Later, Jeremy and Robbie are joined by the founder of Praxis Lending Solutions Melissa Langdale. Melissa has spent her entire career in mortgage. Most recently leading The Mortgage Collaborative (TMC) and now helping lenders and other companies in the mortgage industry with implementation, adoption and change management. Her executive mindset and approach will be valuable to mortgage and tech companies alike. Takeaway #1 - The gap between what lenders envision versus what is delivered is ROI. We talk a lot about build, buy, partner BUT the key is what is delivered. Lenders that need to partner are at risk of ROI. Takeaway #2 - Show me your incentives and I’ll show you the outcome. If lenders are focused on consumer experience, what are the incentives? If lenders are focused on team member efficiency, what are the incentives? Human nature is to resist change. How you shift the risk to the company to change? Takeaway #3 - “Make the LOS as small as possible.” Wrap around holistic solutions (to Jay’s point in the chat). This is how we can save cost & differentiate. But it does require a more holistic strategy. Final Takeaway - “Fully instant approval is possible” but is not realistic today. The answer for lenders who want to grow in the future is scalability. Focus on scalability first and big digital vision later. Closing Thought: Change management is critical to success. Check out Melissa for more on being ready for what’s next. #innovation #mortgage @NowNextLater_Housing

On today's episode of Now Next Later, Jeremy and Suzy discuss the best way to approach managing an entire mortgage pipeline through uncertainty. One of the main areas of uncertainty is technology - always evolving and updating. Understanding needs and discovering solutions could be a full-time job. It is key to manage the process the right way to limit risks but also maximize success. Sounds too high level to be actionable? Think again. We dive into the best ways to interact with potential vendor-partners. We discuss how to build your approach internally to make the roll out actually work for everyone. We wrap up with a look at how the rate environment and innovation in Ai should influence your strategy. @NowNextLater_Housing #innovation #mortgage

This episode of Now Next Later is presented by Silk Title. Kristin describes the best practices of risk management for mortgage originators. With automation and the changing landscape of GSE loan delivery, there has never been more attention on the loan manufacturing process. Before you think that's not an interesting topic, click on our episode and then tell us what you think. Turns out, creativity and innovation are at the heart of both risk management and the next 18 months in the mortgage industry. Takeaway #1 - creativity and risk management are not oxymorons. In fact, now is the time to evolve the review / QC / risk management process to match the creativity and speed of the pipeline. Takeaway #2 - ultimately this is all a business decision. Kristin has a forward-looking view of risk management. Repurchases are a lagging indicator. Be looking at the manufacturing process - what changed? what costs are new or lingering? What vendor relationships exist? Build the program according to where you are going. “The rear view mirror is smaller than the windshield” - Sasha’s reminder for us today Takeaway #3 - "Pivot!" We need to be disciplined with the project management but be comfortable to pivot if you find something is not happening - adoption - or the market changes - GSEs update or change, etc. Final takeaway - Risk management is a competitive edge because it maximizes ROI. IMBs can actually understand risk / reward given the recent experience. #mortgagenews #mortgage #innovation #fintech #chrismancommentary @NowNextLater_Housing

Today's episode is a special edition of Now Next Later from Austin, TX. Robbie Chrisman with a brief appearance by Rob Chrisman covers the Independent Mortgage Bankers (IMB) taking place January 27-29, 2025. Jeremy and Robbie discuss the top concerns among IMB executives, including what lenders are looking to get out of this week's conference. Hot topics include: cost to originate, GSE reform, NonAgency/NonQM market and how partners will help lenders in the coming year. Tune in and hear boots on the ground in Texas. Literally. #mortgage #MBAIMB2025 #title #innovation @NowNextLater_Housing

On today's episode of Now Next Later, Sasha and Jeremy discuss the relationship of lenders and vendor-partners this year. There is so much uncertainty for mortgage and housing this year. Lenders that do a strategic analysis and prepare a "pivot plan" will be better off this year than lenders who do not. Sasha talks vendors, service providers and tech companies through the process of how to approach lenders - big and small - for the best opportunities to expand in a "flat year." The duo walks through how lenders can be thinking about vendor consolidation or lack thereof as they look to trust technology and move people into growth areas that will generate MORE opportunities in 2025. #lending #mortgage #housing @NowNextLater_Housing

In this episode, Sasha and Jeremy talk mortgage-title partnerships with Marc Trachtenberg, Chairman and CEO of Silk Title Co. Marc has been building Silk Title for the last decade into one of the largest independent title companies in the country. We discuss how Silk applied technology to improve operational costs, efficiency and certainty for lenders. Takeaway #1 - Look at automation first but automate the least risky things first. Start with the “automatic” stuff. Then move to next most difficult and next. Take the time and don’t look for shortcuts. “Boring” answer is usually the right one. Takeaway #2 - Training a system is harder than training a team member (hours on hours) and also once you are done, there might be more ROI when the system can run 24/7. Takeaway #3 - Lowering the cost in the outcome NOT the strategy. The 2 key points are 1). Data gathering and verification more efficient = lowers operational cost which can be passed one 2). Moves to use that data better (and make better decisions) will lower the overall product cost time. Final Takeaway - Final takeaway from Marc - using land records better and faster is actually more about “lead gen” rather than truth data. In other words, is blockchain the key or is the access to real-time lien data / land record data the key? Could a state or municipality use blockchain - for sure - but also can we make significant progress accelerating “propensity” data? Yes. #innovation #mortgage #mortgagenews @NowNextLater_Housing

On today's episode of Now Next Later, Sasha is joined by Marvin Chang to continue the conversation from Marvin's first visit to Now Next Later. What should IMBs do in 2025? As we use what we've learned this year to look ahead to 2025, there are some key aspects to the rate environment, the competitive landscape for product and, of course (!), GSE Reform. Listen in for Sasha and Marvin's perspective on how to plan and prepare. Many will say "there is no crystal ball" but there is informed decision-making. This episode is for making better decisions with your 2025-2026 resources. #mortgage #mortgagetalk #interestrates @NowNextLater_Housing

Now Next Later for December 23 is the Holiday week edition with Sasha, Jeremy and Robbie. In this episode we are visited by 3 segments - ghost of mortgage year past, ghost of the present and the ghost of yet to come (2025). We talk a little about our favorite movies, songs and traditions with each segment as well. If you are recapping your year, thinking through strategic planning for next year or helping your company and clients be ready for 2025, this episode dives into the major topics and trends in 30 mins. And we have fun along the way. Hope you enjoy the Christmas spirit and thank you, as always for watching and listening. #innovation #mortgage #firsttimehomebuyers @NowNextLater_Housing

Brought to you by FormFree. In this episode, Sasha and Jeremy are joined by David Battany, EVP of Capital Markets for Guild Mortgage. The wide-ranging conversation looks across the mortgage landscape. David outlines the efforts to address the costs and risks for homeowners and homebuyers. Sasha, Jeremy and David discuss how to evaluate access to credit and property valuation in a "new", digital world. Listen for perspective on the strategic vision of the industry. Now: Takeaway #1 - our industry relies on new homeowners entering the market and if new homeowners cannot afford to enter. We’re limited in options. That’s the challenge for mortgage companies. Now: Takeaway #2 - our strongest role to the consumer is to solve the math problem. How can we be expert on helping people navigate their asset or potential asset? Mortgage companies should be the problem-solver for homeowners and homebuyers alike. From down payment to monthly payment, break it down and solve. Next: “99% of the innovation in our market in the last 10 years came through the GSEs.” Using data must be your strategy. Proactive and risk-focused. How do you make a credible (pun intended) risk decision quickly and accurately? Later: Consumer driven data is the future. Lenders need a strategy to gather and analyze consumer financial data as early and often as possible. Word from our sponsor: FormFree’s approach to lending is part of a movement towards a fairer financial ecosystem. By challenging outdated norms and leveraging technology to ensure fairness and security, FormFree is building a foundation of fair lending that works for everyone. Passport by FormFree introduces a groundbreaking solution: the RIKI® score (Residual Income Knowledge Index®). Unlike traditional credit scores, RIKI utilizes an individual’s banking data to create a more accurate picture of their borrowing power. This approach focuses on real-life financial details like income and expenses, offering a fair and comprehensive measure of one’s Ability to Pay® (ATP®).

Today's episode features Marvin Chang. Marvin has worked across big tech, mortgage banking and fintech. His experience from Silicon Valley to Citi and Caliber to startups covers the entire range of product delivery in mortgage. Marvin is currently an author, advisor and consultant as well as the Visiting Professor of Fintech at Duke University. In today's episode, Sasha, Jeremy and Marvin dive deep into what makes key product decisions successful. Product management is a particularly tricky challenge for mortgage companies. There are the mortgage products manufactured and delivered to the secondary market as well as the consumer experience (CX) in the process. This episode helps clarify the structure and resources required to do both types of product management well. Tune in for insights into 2025 and leave us a comment below for what you'd like to hear discuss on upcoming episodes.

Sasha Stair, Robbie Chrisman, and Jeremy Potter provide a full Thanksgiving meal of topic categories. From turkey to side dishes to garnishes and desserts, we discuss what 2024 has looked like as a Thanksgiving plate. We agree, we disagree and we celebrate Thanksgiving. Please watch and share this fun episode. Let us know your opinions in the Comments. @NowNextLater_Housing #innovation #mortgage #fintech

Now Next Later with Tammy Richards. Sasha and Jeremy have the chance to talk with one of the most experienced and well respected leaders in the mortgage industry. Tammy has been an industry executive at Countrywide, BoA, Caliber and LoanDepot. Currently she is Chief Operating Officer of Kind Lending. Tammy dives into all that hardest questions facing today's mortgage companies. She provides the key takeaways and questions for you to apply to your business right NOW. As Tammy says in the episode, LATER is here NOW. Takeaway #1 for NOW: Cost of origination remains over $11,000-$13,000 according to MBA. How are you scrutinizing your process and system and removing everything that does not return value? One key question in doing that - is it our system that’s the problem or our process? Sometimes lenders like to blame systems but could it be you’ve made minimal change to your business. Takeaway #2 - WIIFM = What’s In It For Me? Always lead with WIIFM for your audience. True for MLOs and Executives alike. Key point: Relationships will remain central to everything we do. Between business partners - internal and external - as well as the key customer service functions. Concierge will always be a part of the process. Takeaway #3 for NEXT = Remember WIIFM includes fear or insecurity about implementing something that feels “threatening.” It’s normal and natural that even your best people might feel threatened during implementation/adoption. It’s human nature. Do not deny it and find ways to drive implementation AND incorporating your team into the process. #innovation #mortgage #firsttimehomebuyers #WIIFM

Today, Jon Lawless and Jeremy Potter interview Landy Liu, the founder of Foyer. Foyer is a savings platform for first-time home buyers. Imagine the 401(k) of down payment. Foyer has built it. In fact, we'll hear from a homeowner as part of the interview. Enjoy! #innovation #firsttimehomebuyers #realestate #mortgage @ChrismanCommentary @NowNextLater_Housing

In today's episode Jeremy and Sasha dig into the current landscape of digital mortgage with Jay Arneja of nCino, VP of Industry Relations, Digital Mortgage, and Thought Leadership. Jay has been at the forefront of digital mortgage and eClosing across the industry. Our questions range from "where are we now?" to turning digital into actual speed & cost savings. As we move into Later, we talk about "why" and "how." Meaning, the next year or two is going to be about tech companies and title providers bridging the final gap to fully digital process. Lead Gen through Servicing. It's here and it's real. #innovation #digitalmortgage #eClosing #mortgage #chrismancommentary

This week's Now Next Later comes to you live from MBA Annual in Denver, with hosts Jeremy Potter and Sasha Stair kicking off your week with the latest on technology and innovation from the mortgage sector.

The 2024 presidential election is only weeks away, and housing is front and center as a campaign issue like never before, with each candidate promising they have a plan to make housing more plentiful and affordable. To break down what Trump and Harris’ campaign promises are all about, Jon and Jeremy talk to Jeb Mason, a partner at public policy consultancy Mindset, and a housing wonk like us. There are promises of down payment assistance and new homes across federal lands, but as Jeb points out, “Neither candidate is really talking about a deliberate reversal of the monetary and fiscal stimulus that got us into and exacerbated this housing affordability crisis.” And since you all are Housing Insiders, you’ll want to hear Jeb’s thoughts on the prospects for GSE reform.

Jeremy Potter talks with Ryan Sandler of Truework. Truework is a comprehensive verification platform for lenders. Jeremy and Ryan deep dive data verification and the future of mortgage lending. If you are interested in (re)thinking your process, this is the episode for you. Ryan founded Truework 7 years ago and has a wealth of information on emerging technology and A.I. Takeaway #1 - Verification is fundamental to both innovation and efficiency. 1 in 5 companies are still stuck in the inertia of their existing tools. Lenders want to automate but reality is step by step. Takeaway #2 - Single system of record acts like a utility but threatens price/cost, innovation and product development. Competition is healthy. We need more competition for income, employment and identity verification. More consumer driven choice will fundamentally benefit both consumers and the market. Takeaway #3 - The next trend that will influence EVERYTHING especially lending is A.I. We have been burned by fads in the past but this is not a fad. Think this history: internet, mobile, cloud and now A.I. This must be considered in that fundamental a change to your business.

Sasha Stair and Jeremy Potter discuss three key areas for lenders and tech companies. 1. Lenders who cannot compete with the big, digital lenders must find people and solutions within your existing tech stack. You have innovative people in your organization who can maximize process & product. Use them. 2. AI is the biggest topic among all lenders. ChatGPT is the most likely to be used and deployed. What's next? Use AI inside the tech and ops platform to guide solutions, workflow and answers. 3. Customized consumer data will revolutionize the lead gen and conversion game. The big data providers are moving away from the so-called "trigger leads" but are not going to lose revenue. They will monetize propensity data and platforms will need to ask consumers for consent to work with them. Consumers will agree and we're off to the races...so to speak #podcast #nownextlater #mortgagetalk #mortgage #innovation @NowNextLater_Housing

Wealth Creation, Homeownership, and Small Business with Marisa Calderon, Prosperity Now Jonathan and Jeremy kick things off with the housing headlines. Are there supply incentives through withholding transportation dollars? There may be widespread insurance title kickbacks. And how will student loans impact credit scores? Marisa Calderon, President & CEO of Prosperity Now, joins the discussion to talk the state of wealth creation, what prosperity means, the spike in new small businesses in recent years, how small business loans work today, and the impact of increasing loneliness in the US.

Sasha and Jeremy talk to Ethan Winchell of Truework about the tech landscape. One of the biggest topics we tackle on all our shows is lender adoption. As a VOIE provider, Truework has been working across lender operations, LOS providers, and lender CFOs to prove out savings. This episode you'll hear how to think about measurement and storytelling required to take those savings and turn them into adoption. #innovation #mortgage #fintech

On this episode of Housing Insiders, Jon and Jeremy explore the NAR Settlement. Hear informed reactions to the first month of the NAR policies in effective and the outlook for the housing finance industry. #mortgage #realestate #nar #firsttimehomebuyers #innovation