At the end of February, Speedpay traveled to Orlando, Florida for the premier mortgage servicing event of the year – MBA National Mortgage Servicing 2019. When our team wasn’t engaging with attendees in the exhibitor hall or networking with our industry peers, we sat in on general session presentations and panel discussions to hear from mortgage experts about the most important trends in servicing.
Below, read three key learnings our team left Orlando with this year:
Industry experts call for innovation.
Innovation was the buzzword at MBA Servicing this year. More specifically, a call for increased innovation by industry experts. The servicing industry has historically been hesitant to adopt new technology, but there’s a bevy of new innovations being tested and put into place (read on for specifics) to ensure that servicing keeps up with the rest of the mortgage industry.
Artificial Intelligence (AI) is playing a bigger role.
Like many industries, AI and machine learning has made its way into the world of mortgage servicing. As industry experts discussed at this year’s conference, servicers are starting to use this technology to improve performance, efficiency, and accuracy throughout the loan servicing life cycle. AI can be used to analyze borrower forms, auto-index documents, route tasks to specific employees, and even enhance the borrower experience – a win for everyone.
Focus on the borrower experience.
The mortgage industry has long focused on improving the borrower experience, and based on the conversations that took place at MBA, this topic was especially top-of-mind for servicers. Technology can play a major role in improving consumer experience and engagement, as well-designed mobile apps, chat bots, and easily navigable websites all aid in their payments experience. Mortgage servicers will be looking to integrate these tools into their mobile strategies so that consumers can experience a more seamless payment process.
Additionally, Speedpay chose to use its platform at MBA Servicing and its large footprint in the mortgage space to encourage attendees to help make a donation to the MBA Opens Doors Foundation (Opens Doors), an organization that helps vulnerable families with critically ill or injured children stay in their homes while a child is in treatment. We encouraged attendees to play our custom disc drop game, inspired by Plinko, the popular pricing game featured on The Price Is Right®. The Western Union Foundation matched every dollar raised at Speedpay’s booth, for a grand total of $20,000 donated to Opens Doors, which will help them expand the number of grants they provide to families through their network of nine hospitals.
For more information about how Speedpay can help your customers make their mortgage payments, visit our website.