“The digital future is drawing closer”, that’s how the MBA Tech conference and Expo 2022 began in Las Vegas this week with MBA Chair-Elect Matt Rocco’s opening speech. Rocco recalled how the days were filled with uncertainty the past two years owing to the pandemic. The mortgage industry had to quickly adapt to the changing norms of conducting business and rely heavily on technology. “Last year, residential mortgage lenders originated $4 trillion in new loans, and technology played a bigger role than ever before,” Rocco said. This is a magnanimous feat, especially for an industry that depends on in-person interactions mostly. Talking about the future Rocco said that MBA is currently brainstorming on various policy opportunities. However, he feels although digitization has undoubtedly made the end-customer experience more delightful, the cost of originating a loan remains high.
Vaultedge got a chance to present its latest product, the Vaultedge Income Analyzer (VIA)
on the big stage. The response was astounding. VIA automates income calculation for both W2 and Self-Employed borrowers. It saves two to four hours of underwriter’s time for each loan and improves the pull through rate by 33%. VIA automatically scans Paystubs, W2s, the 1040s, 1099s, Bank Statements, etc. to calculate the qualified income for the borrower. Our booth, #115 had an incredible amount of footfall. We didn’t have to lure people with hordes of giveaways (although we did give away a few Air Pods 😊) but were surrounded by industry leaders, and peers who wanted to know more about our invention. Honestly, it’s such a rush to talk about this product that can streamline the loan processing task without hiring more employees and reduce digitization expenses.
Mortgage rates have risen again, reaching 5% in almost over a decade for the first time. The pursuit of homeownership may be the most expensive one in a generation with rising mortgage rates, inflation, and elevated home prices. For first-time home buyers, this comes as a shock. Research shows that the monthly mortgage payment for a median-priced home is now $530 more than a year ago, adding more than $6,300 to a homeowner’s annual budget.
Shoe Dog is an honest tale of what it takes to succeed as an entrepreneur. It chronicles the emancipation of Nike and the adventures of Phil Knight. When you read the book, you can almost visualize the tribulations that they had to undergo. From backstabbing ‘loyal’ partners to disloyal employees, unending hassles with the bank, and the rise of the hero, the book almost feels like a Hollywood multi-grosser. One of the most unputdownable books that anyone who wants to start their enterprise needs to keep handy. Shoe Dog by Phil Knight echoes the often-heard advice-never give up. Why am I talking about this book now? Well, the MBA Tech conference and expo 2022, allowed witnessing a myriad of companies exhibiting their latest products, and services, all in the hope of being an industry behemoth one day. Much like the author.
I had a splendid time at the MBA Tech conference 2022, Las Vegas. Met a whole bunch of entrepreneurs, industry experts, and dreamers. Hope you had a great week too.