With more than 70 exhibitors and 500 mortgage technology leaders gathering in Orlando last week for Mortgage Bankers Association’s (MBA) National Technology in Mortgage Banking Conference & Expo 2015, it was no surprise that compliance was a primary focus.
Overshadowing the show’s “connect” theme, the overwhelming majority of chatter centered on the looming TILA-RESPA Integrated Disclosure (TRID) rules, with many exhibitors and technology vendors announcing from the conference they are “TRID ready.” There were also mixed beliefs on whether the Consumer Financial Protection Bureau will extend the deadline or offer a grace period, which – if they don’t – could be severely problematic for many lenders.
While much less of a focus, MBA Tech’s theme did garner attention. David Pogue, Yahoo Tech columnist and former technology columnist for The New York Times, kicked the show off with his opening session on technologies that will cause major changes and advancements, highlighting the substantial decline in email usage among Millennials (60 percent drop over the last five years among individuals under age 25).
Following Pogue’s remarks, I heard from several attendees about how to better communicate with today’s borrowers in an increasingly digital era. This focus was also seen in this year’s exhibitor list, with companies like San Francisco-based HearsaySocial, a provider of a predictive social suite to better engage with social, mobile consumers, and Portland, Ore.-based Smarsh, a provider of archiving and compliance solutions that enable Web and social media marketing, among other solutions.
New to this year’s event was a technology showcase – an opportunity for technology providers to demonstrate innovative product solutions. Also new was MBA’s “Learning Labs,” providing attendees with a deeper dive into various topics such as information security essentials, vendor management and “e” initiatives. Other topics highlighted during the show were how to prevent failed technology implementations, cloud infrastructure in the mortgage industry, automation, big data, eDisclosures and eClosings, and the rise in construction lending.
While TRID remained the focus – dominating both industry news and discussions – attendees were introduced to a host of new technology companies and products. As the mortgage industry continues to operate under regulatory scrutiny and a new market segment emerges, there is an opportunity to innovate and build new solutions, which will ultimately move residential lenders ahead. We look forward to being a part of that transformation.