The Rise of Fintech in Housing

first_img July 1, 2020 2,367 Views  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tim Mayopoulos is the President of Blend, a Silicon Valley technology company propelling the $40 trillion consumer banking industry into the digital age through partnerships with banks, lenders, and other technology providers. Before joining Blend in 2019, Tim served as President and CEO of Fannie Mae for more than six years.Under his leadership, the company returned to sustained profitability, delivered more than $167 billion in dividends to taxpayers, and introduced new technologies to the housing finance system to make mortgage lending faster, safer and more transparent. Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago What does Quicken’s decision say about the state of FinTech in housing?There’s clearly a great demand for technological innovation in the mortgage industry. The idea that Quicken is looking at going public is a confirmation of that. There are many technology providers in the space. Most of them are venture capital-backed companies like ours, Blend, and as demand for financial technology continues, these companies continue to proliferate. There’s a desire on the part of consumers to be able to apply for a mortgage and have it be a comparable experience to what they do on Amazon, or what they experience when they use their iPhone, or what they do when they watch movies on Netflix. Consumers expect that applying for a mortgage should be no different than any other consumer transaction. It should be simple, and elegant, and efficient, and fast, and it should help lenders lower costs.There are clearly consumer expectations around this, but what I’ve noticed is that the expectations of lenders have also changed. They recognize that they can be much more efficient, they can be more cost-effective, they can create a differentiated experience for their customers, the borrower. Share Save Home / Daily Dose / The Rise of Fintech in Housing 2020-07-01 Mike Albanese Subscribe What was your reaction to the Quicken Loans IPO?Well, my initial reaction was that it’s not every day that you see a mono-line mortgage lender file to become a public company but then as I reflected on it, I think it makes sense for Quicken to be doing what it’s doing. It’s obviously achieved a leadership position and it has good market conditions in which to do an IPO, with interest rates low and expected to be low for the foreseeable future. Mortgage origination on the refi side should continue to be pretty high and the purchase market should be strong as well, at least once we get through the pandemic. There is an imbalance in supply and demand in housing markets, so we should expect there to be home price appreciation and continued demand for homes. We’ve got the biggest generation in history, the millennials, coming of age, and they all express the same desire for homeownership as previous generations. There’s just been a chronic shortage of housing creation in the country over more than the last decade. The macro market conditions for Quicken are very favorable.Quicken has been successful in growing and in differentiating itself from other lenders. Quicken is as much a technology company as it is a mortgage lending company and they’ve been innovators in the technology space. Because they have established a unique value proposition for the market, they may have an opportunity that’s appealing to IPO investors. About Author: Mike Albanese in Daily Dose, Featured, News Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago The Rise of Fintech in Housing Governmental Measures Target Expanded Access to Affordable Housing 2 days ago How could Quicken Loan’s decision spur other FinTech companies to do the same? Quicken has, for some time, been a catalyst for change in the mortgage industry. I remember when I was the CEO of Fannie Mae, Quicken Loans announced Rocket Mortgage, which at the time might’ve been more hype than reality. The good thing about that was that it set a new standard in the industry. It really awakened a lot of people’s ideas as to what consumers would and could expect in terms of a more digital and more automated origination process. That has served as a catalyst for the entire industry, including the FinTech industry supporting mortgage, to pursue that ultimate goal. The conditions are very favorable for FinTech companies going forward in housing finance to continue to drive towards that aspiration and to continue to attract capital. Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Previous: Online Foreclosure Services Expanded Next: Ginnie Mae Announces Borrower Relief Options Sign up for DS News Daily Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. How will this pandemic impact the use of technology within the mortgage and housing markets?The pandemic is an additional accelerant on the transformational change that’s happening in housing finance. We’ve seen this underway for quite some time. Consumers want to be able to apply for a loan and have it fulfilled from anywhere, including from their couch in their pajamas if they want to. The pandemic is only reinforcing those consumer expectations. More importantly, the pandemic has taught the mortgage industry, which has historically been very conservative and cautious about change, that a lot of change can actually be achieved in a relatively short period of time, very effectively. It was just a few months ago that the entire industry essentially decided to go operate remotely, and many people wondered whether the industry would be able to adapt to that. What we found is that the industry largely was able to be nimble and meet changing consumer expectations and needs to a large extent.We at Blend have been working with our lender customers to respond to challenges created by the pandemic, specifically in the areas of managing the huge influx of refinance volume through process automation, and perhaps even more importantly on providing fully digital closings.Understandably, consumers don’t necessarily want to have appraisers show up at their homes during a pandemic, and they certainly don’t want to go to an in-person closing with a room full of people.  This illustrates the pivot that everybody in the industry needed to make an order to be able to continue to operate their businesses in a new way. Working remotely has given the industry newfound confidence that technological change can actually be adopted quickly, and effectively, and in relatively short order. It’s going to reduce some of the reticence, some of the conservatism, that the industry has historically shown towards adopting new ways of doing things. Apart from the public health issues themselves, the pandemic has created a little bit of an experiment where lenders and others in the housing finance system have had to adapt to new circumstances very quickly. They have found that they can do that and that technology can help drive that change very effectively.There clearly was already a lot of momentum underway in the mortgage industry towards becoming more technologically advanced. I think the pandemic is going to accelerate that tenfold because people see that not only is it possible, but it’s actually more easily achievable than many might have thought.last_img read more

Concern that Donegal’s tourism potential is not being realised

first_img Pinterest WhatsApp By admin – April 5, 2016 WhatsApp Homepage BannerNews There have been claims that Donegal is suffering a loss in the tourism sector with Failte Irelands latest reports suggesting there is significant gap in numbers visiting the county.When compared with other counties, Kerry receives over 1m overseas visitors per year as against 250,000 in Donegal whilst Galway attracts 775,000 domestic visitors as against 274,000 in Donegal.Councillor Sean McEniff has been highlighting the issue, he says it is the result of tourism decisions being centralised in the capital:Audio Player Up/Down Arrow keys to increase or decrease volume. Twitter Previous articlePremier Division Draw vital to Finn Harps seasonNext articleDonegal’s bathing water is ranked mostly “excellent” by the EPA admin Gardai continue to investigate Kilmacrennan fire 365 additional cases of Covid-19 in Republic Google+ Google+center_img Facebook Man arrested on suspicion of drugs and criminal property offences in Derry Twitter Concern that Donegal’s tourism potential is not being realised Main Evening News, Sport and Obituaries Tuesday May 25th RELATED ARTICLESMORE FROM AUTHOR Further drop in people receiving PUP in Donegal Pinterest Facebook 75 positive cases of Covid confirmed in North last_img read more

Woman arrested after deadly stabbing at home near Warsaw

first_img Facebook WhatsApp (Photo supplied/Vickie Wooldridge) Police finally found and arrested a woman who stabbed three people in a home near Warsaw.The search for Vickie Wooldridge began just before 10 a.m. when one of the people she stabbed went over to their neighbors house to ask for help.“Officers converged on the area within a matter of minutes, started searching the home, and it was determined that the suspect was not there, but there were three victims from the stabbing,” said Sgt. Chris Francis, with the Kosciusko Co. Sheriff’s Office. “One of which was pronounced deceased at the scene.”Francis said multiple agencies helped in the search for Wooldridge, and the Indiana State Police even used a helicopter to help in the air search.He said a big help actually came from social media.“Fortunately, for us, and we’ve got a decent following on our Facebook page, we were able to get the suspect information out from the scene immediately, and last time I checked that had close to 75,000 views on it.Then around noon they found her.“One of our deputies was traveling southwest of the scene, down the road he observed a female coming out of a field,” Francis said. “He immediately identified her, and she was taken into custody without further incident.”Francis said he did not have the name of the person who died, or what Wooldridge is being charged with. Google+ Twitter By Jon Zimney – December 15, 2020 0 312 Pinterest Twitter Woman arrested after deadly stabbing at home near Warsaw IndianaLocalNews Facebook Previous articleLongtime Middlebury school board member, businesswoman selected to replace former Rep. StutzmanNext articleGov. Whitmer says COVID-19 rate falling, no word about restaurant reopenings Jon ZimneyJon Zimney is the News and Programming Director for News/Talk 95.3 Michiana’s News Channel and host of the Fries With That podcast. Follow him on Twitter @jzimney. Pinterest WhatsApp Google+last_img read more

Trump picks Jerome Powell to succeed Yellen as Fed chair

first_img continue reading » President Donald Trump nominated Jerome Powell to run the Federal Reserve once current Chair Janet Yellen’s term expires, in a move widely expected and one unlikely to disturb the roaring stock market.Trump made the announcement during a Thursday afternoon ceremony in the Rose Garden.The move follows an extended period of speculation over who would be named to head the central bank, whose aggressive policies have been considered crucial to a climate of low interest rates, surging job creation and booming asset prices.“Today is an important milestone on the path to restoring economic opportunity to the American people,” Trump said with Powell standing to his right and the prospective chairman’s family nearby. The president said the Fed requires “strong, sound and steady leadership” and Powell “will provide exactly that type of leadership.” 13SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more