Hamid Akbari
CEO
Ashley Yantzi
VP Residential Lending
Blake Dumelie
VP Capital Markets
Hayden Poudrier
CEO & Co-Founder
Mortgage is Dead. Long Live Mortgage! 2023 Lenders Summit
Continue the conversation and explore the latest in mortgage technology and innovation at the 2024 Bankers Summit in May
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With record-high amortizations and changing needs of the homeowner, the mortgage industry faces mounting pressure to innovate and deliver creative solutions to borrowers. Traditional credit providers and alternative lenders bring distinct approaches to the table. In this dynamic panel discussion, we bring these two worlds together to explore how they are shaping the future of mortgages in 2024. Join us as we dive deep into the evolving dynamics of mortgage lending. Traditional lenders, with their established processes and regulatory frameworks, are adapting to the new landscape. On the other side, alternative lenders are pushing boundaries with flexible lending models and technology-driven solutions.
Setting the Stage
Hamid Akbari from Blanc Labs opens the panel, setting the tone for an engaging discussion on banking and lending. Excitement builds as the audience anticipates insights into market dynamics and growth opportunities.
The Mortgage Landscape Unveiled
Exploring the current mortgage market, Hamid highlights challenges like high-interest rates and shifting homeowner needs. The stage is set for a captivating discussion on the mounting pressures faced by lenders, balanced by exciting opportunities in the industry.
Distinguished Panelists Introduction
Ashley, Blake, and Hayden take the spotlight, representing Equitable Bank, Nesto, and Fraction, respectively. Each expert brings a unique perspective to the table, promising a diverse and insightful discussion.
Equitable’s Alternative Approach
Ashley sheds light on Equitable’s role in the alternative lending community. The focus on niche markets, including self-employed individuals and new immigrants, reveals a resilient borrower segment. The panel hints at how alternative players thrive outside the traditional big six institutions.
Nesto’s Innovation Journey
Blake walks us through Nesto’s evolution from a startup to an award-winning lender. With a clear mission of improving the mortgage experience, Nesto attracts top talent and ventures into the SaaS and white-label business. The journey highlights their commitment to enhancing the mortgage industry.
Fraction’s Unique Offering
Hayden introduces Fraction, a distinctive player in lending, providing a reverse mortgage alternative without monthly payments. Fraction’s commitment to innovation, both in terms of product offerings and technology, promises Canadians alternative options and a top-notch experience.
Emerging Technologies Unveiled
Hamid transitions into the exciting realm of emerging technologies. Recent advancements in AI and generative technologies take center stage, with promising potential to boost revenue and streamline processes in the lending sector.
Panelists’ Perspectives on Technology
The panelists share their views on the business value of adopting emerging technologies. Hayden acknowledges AI’s potential benefits, envisioning it as a co-pilot for borrowers. The focus is on reducing operational costs and enhancing the customer experience.
Pioneering the Tech-Forward Path
Blake, shares insights into Nesto’s technology-first approach. With a focus on efficiency, accuracy, and strategic vision, Nesto navigates the challenges of integrating AI in lending.
Navigating the AI Landscape
Blake acknowledges the challenges faced by AI in lending, particularly in underwriting, where the delicate balance of accuracy and client trust is crucial. Despite these challenges, Nesto leverages AI successfully in areas such as fraud detection and capital market operations, proving its worth in enhancing profitability and risk management.
Equitable’s Collaborative Approach to Tech Innovation
Equitable’s Ashley sheds light on their collaborative approach to tech innovation, emphasizing strategic partnerships with key players like Flinks. The goal is to complement internal developments, enhance broker and customer experiences, and stay ahead in the ever-evolving lending landscape.
The Data Dilemma
The panel delves into the importance of data in driving innovation. While acknowledging the need for data security, there’s a consensus on the potential of open banking and improved data access to fuel innovation, streamline processes, and enhance customer experiences.
The Resilient Role of Brokers
Despite the rise of digitalization, the panel unanimously agrees on the enduring significance of brokers. Seen as nimble players, brokers are poised to adapt and adopt innovative technologies, ensuring that the human touch and personalized advice remain integral in the mortgage landscape.
Navigating Mortgage Market Risks
The discussion touches on the risks in the mortgage market, with a focus on fundamental lending principles, rigorous underwriting, and the evolving needs of consumers. The panel predicts a shift in the broker market towards alternative lending, driven by consumer demand for diverse mortgage products as payments increase.
Closing Thoughts
As the panel wraps up the discussion, the consensus is that the mortgage market, buoyed by technology, collaboration, and adaptability, holds a promising future. Brokers, lenders, and innovators are set to navigate challenges, leverage emerging technologies, and continue providing valuable solutions in the dynamic world of lending.