If you’ve ever heard Garth Graham speak at a conference, you will likely remember his entertaining approach to presenting detailed industry information. STRATMOR is pleased to display his disarming style in telling the story of where we are as an industry in transitioning to digital mortgage in this month’s lead article, “Digital Transformation: The World According to Garth.”
Garth draws from a variety of STRATMOR data sources to provide an objective view of our industry’s progress — and sometimes the lack thereof — in “going digital.” Leave it to Garth to find a great way to describe our current state: the mortgage mullet. His take on the difference between perception and reality really hits home. Get into this story and learn from one of HousingWire’s first Technology Trendsetter Award recipients what’s going on and what’s up and coming in terms of digital transformation.
Also this month, in his Borrower Experience article, MortgageSAT Director Mike Seminari sharpens the point about the impact that borrower perception of lender technology has on revenue in “Technology, Revenue and the Borrower Perception.” Using MortgageSAT data and Net Promoter Score ratings, Mike shows how the borrower’s experience with online tools can make or break the chance of repeat or referral business. He offers three steps lenders can take to help tap the voice of the customer for feedback on borrower-facing technology.
Thank you for reading the February Insights Report. If you need assistance with your digital transformation efforts, please contact me or any of the STRATMOR team — we’re here to help!
By Garth Graham February 2020
People who know me know I’m into music. I was a DJ in college and that got me into parties for free so I generally know song lyrics and music trivia. If I were on “Jeopardy!” I could get at least four of the five questions right in a category called “Music of the 80s and 90s.” “Yes, Alex, I will bet it all on that Double Jeopardy category!”
It was the great 80s mullet music that inspired a recent “Ah ha” moment for me about our industry — a moment not to be confused with the Norwegian pretty boy band Ah Ha who themselves sported mullets while singing “Take Me On” and now have over 1 billion views on YouTube. For those who don’t remember the mullet era, it was a time when men wore their hair styled in this odd combination referred to as “Business in the Front, Party in the Back.”
I recently gave a speech at a conference (which is a frequent event for me) and what I noticed was the assortment of attendees and the variety of their fashions. There were the long-time mortgage bankers with their sometimes old thinking and classic conference apparel mingled with the new entry fintechs who have a very different view of the industry and a very different style of dress. And then there were the combo styles of those who were both “Business” and “Techie,” wearing blazers and crisp business dress shirts paired with casual jeans and hip shoes. In fact, the predominant look was the blue blazer, skinny jeans and Allbird shoes. Half business, half techie.
It struck me that this merged style is a perfect representation of where we are as an industry: half button-downed, follow the regulations, be careful about spending and wish things would stop changing so fast. Half hip, cool companies using technology to re-engineer and create a more automated and dynamic mortgage process but often failing to grasp how hard it is to change things in our industry.
Mortgage Banker on top and fintech on the bottom. A mortgage mullet!
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