Last month, the Pennsylvania Convention Center witnessed a monumental gathering of mortgage experts at the Mortgage Bankers Association (MBA) Annual Convention and Expo. The pace of innovation has never been faster, and it’s all about breaking through the status quo. If you’re part of the real estate industry, there’s perhaps no event that encapsulates innovation and forward-thinking quite like the MBA Annual. Here’s a recap for our readers on ValueLink’s experience at the event.
Housing Market Projections
Events like the MBA Annual pave the way for industry experts to understand projections and adapt accordingly. The Mortgage Bankers Association expects the mortgage origination market to improve by 19% in 2024, with purchase originations forecast to increase by 11% to $1.47 trillion. The MBA’s view assumes that the Federal Reserve will not hike interest rates further this year and that inflation will come down a bit faster in 2024. They also raised expectations of a mild recession in the first half of 2024, which could affect housing demand. The MBA is cautiously optimistic about the outlook for the mortgage origination market in 2024. It believes that lower mortgage rates and a rebound in purchase originations will offset the impact of a recession.
Focus on Customer Experience
One of the standout themes of this year’s MBA Annual Convention was the unwavering focus on analyzing and improving the customer experience. For several years, mortgage lenders had been in self-preservation mode, but now, the spotlight is on the customer.
The primary reason a person chooses to work with a particular loan officer is the relationship they share. To truly understand your customers, step into their shoes as they contemplate one of the most significant purchases of their lives. The focus is on improving the customer experience from their perspective.
Industry leaders are resolute in their mission to re-humanize the digital mortgage experience by delivering a personalized borrower journey. This means providing the right message at the right time to the right person, paying attention to the smallest details. Personalization at scale is critical, and it’s essential to increase your speed to market in this aspect.
Dalila and Michael’s Booth Takeover
Team ValueLink’s Bill Umar and Aqil Ahmed sat down with industry experts Dalila Ramos and Michael Hammond. They delved into the future of the housing market and our commitment to assisting lenders and AMCs in navigating the challenging market conditions.
This insightful discussion shed light on the evolving landscape of the housing market, and how our innovative solutions are geared towards providing support and solutions to ensure success in the face of these challenges. It was a valuable exchange of ideas and strategies, highlighting our dedication to empowering our clients in an ever-changing industry.
Hear what they have to say here:
Closing Thoughts
The MBA Annual 2023 was an event to remember. From the engaging conversations at our booth to the thought-provoking sessions and the promising partnerships that emerged, it was an enriching experience for Team ValueLink. The mortgage industry is evolving rapidly, and as technology leaders, we are committed to being at the forefront of this transformation. We are grateful for the opportunity to be part of this event and look forward to MBA Annual 2024, where we’ll continue to showcase innovative solutions and foster meaningful connections!
