Blogs

Is It Crazy to Switch Mortgage Servicing Systems?

By Keith Kemph posted 2 days ago
Visit the BlackFin blog for more mortgage banking insights - https://www.blackfin-group.com/blog Is It Crazy to Switch Mortgage Servicing Systems? By John McCrea, SVP of MortgageFlex and Michael Harris, Partner at BlackFin Group No one likes to talk about implementing a new technology system, especially when it is mission-critical software that will be used on millions of loans in a portfolio. But when the alternative is to continue using software that was designed many decades ago and doesn’t offer anything close to what modern systems can, it’s time to make a decision for change. ...

There’s more than one way to slice your mortgage market data

By Bernard Nossuli posted 8 days ago
Mortgage market intelligence takes many forms and comes in a variety of scales, from the macro to the incredibly micro. We get asked ALL THE TIME how much detail any one credit union needs. The honest answer is that different credit unions will prefer to examine the markets they serve with different levels of granularity depending on their unique lending goals. But every credit union business leader can benefit from having a working knowledge of the various levels of data available and what each entails. Many sizes and shapes iEmergent provides a host of property-level details and can slice demographic data, competitive intel, and mortgage forecasts down ...

BlackFin Blog GSE Guidance – Mortgage Servicing Rights

By Keith Kemph posted 9 days ago
GSE Guidance – Mortgage Servicing Rights by Luana Slettedahl, Principal Consultant, BlackFin Group In my GSE series of articles, they have all been written with the spirit of providing content that can and is used by my audience. As we know and experience every day - the rules and requirements of being successful in today’s lending world change regularly and impact the loan origination processes and then the end game – the loan servicing operations. IMB’s, Community Banks, Credit Unions are either successful in understanding the complexities of retaining the loan servicing in-house or opting to sell loans on a service-released ...

Overcoming the Fear of AI

By Lyndsey Hearn posted 10 days ago
by Blake Gibson Technophobia, a broad fear of technology, affects roughly one in five American workers, with younger employees and those earning less than $100,000 a year being most impacted. More specifically, AI anxiety is emerging as a fear that artificial intelligence will eventually replace human jobs and hinder future employment opportunities. Despite the daunting image of AI often portrayed by Hollywood, we're here to guide you through how AI can enhance mortgage lending. We will outline the tasks AI should and shouldn't handle and how Dark Matter Technologies has invested tens of millions to automate repetitive processes. This ...

How Real Estate Market is Impacting Loan Origination

By Keith Kemph posted 23 days ago
In previous months we have discussed the relationships between the interest rates, the real estate market and loan originations. This month I would like to focus on the how the current real estate market is negatively impacting home purchases and thus loan origination. The current real estate market plays a pivotal role in influencing loan originations, as it dictates the demand for mortgage financing. In a thriving real estate market characterized by rising home prices and strong buyer demand, loan originations typically increase. This is because more individuals are looking to purchase homes, necessitating mortgage loans. Financial institutions ...

Training Is More Than "Checking the Box"

By Keith Kemph posted 30 days ago
In my career, I once had an executive say to me "they just need training," as she sought a solution for some substandard performance metrics that were troubling her. This simplistic prescription for a complex problem has stayed with me over the years. Even then, I pondered, "How is more or new training the solution to issues identified through data analysis?" The reality is that it isn’t. It wasn’t back then, and it’s still not today. Training alone will not inherently change performance nor elevate it. While training can lay the groundwork for the behavioral changes necessary for improved performance, it is not a magic bullet. Performance ...

FINASTRA TALKS TECH TRENDS & WHY CUSTOMERS LOVE THEIR LOS

By Keith Kemph posted 06-19-2024
Keith and MaryKay Theriault, Senior Director, Product Management at FINASTRA discuss important mortgage technology trends and the inside secrets of why Banks & Credit unions love their LOS. Hint: It's all about having a laser focus on the customer. Listen Now: https://www.youtube.com/watch?v=Zw9LdqgFdWE

Top Takeaways from Our Early Analysis of 2023 HMDA Data

By Bernard Nossuli posted 06-18-2024
A deep dive into the newest HMDA data will take months. In the meantime, though, credit unions can draw on our early analysis to identify trends already visible in the data. Here are some quick takeaways: Market has hit its low point The market appears to have bottomed out. Looking at historical HMDA data, we can see that lows routinely follow peaks such as those seen in 2020. Credit unions lenders can take heart, though; it is unlikely that loan origination units and dollars will drop any further. Our opportunity forecast shows that both are likely to begin increasing again in 2025. Focus on home equity Under HMDA reporting rules, home-equity ...

Michigan First Mortgage Celebrates 40% Increase using Accountable CRM by 90daysales

By Bruce Lund posted 06-17-2024
Press Release Michigan First Mortgage Celebrates 40% Increase using Accountable CRM by 90daysales Detroit, MI — June 17, 2024 — Accountable CRM by 90-Day Sales proudly announces a milestone achievement in collaboration with Michigan First Mortgage, a division of Michigan First Credit Union. Through the implementation of our advanced CRM platform and rigorous 90-Day Sales Coaching Program, Michigan First Mortgage has achieved remarkable growth and efficiency in their mortgage lending operations. Under the visionary leadership of Dan Sugg, Chief Lending Officer , the initiative has delivered outstanding results, including a staggering 200% increase ...

STAND OUT!

By Keith Kemph posted 06-12-2024
STAND OUT! I’m on the board of an animal rescue non-profit and each month we bring in our directors or first line managers to give us reports on their departments. We do some of our meetings via zoom and some are in person. I started noticing these young people would come in, who are very passionate about their positions and animal welfare, would be looking down at the table, having minimal eye contact, and having low volume in their voice giving their reports. As I started watching Generation Z people and even people that came out from the Pandemic who came back into the office, I noticed a majority of first level ...

Spotting signs of wear: Keep your tech stack running smoothly

By Lyndsey Hearn posted 06-05-2024
By Sean Dugan The tech stack is the engine that powers credit unions’ mortgage business. Like any engine, it needs regular maintenance to keep firing on all cylinders. Aging and outdated technology puts credit unions at a competitive disadvantage by limiting their ability to make timely and informed decisions, respond to changes in demand, and recruit and retain talent. Dark Matter Technologies held discovery sessions with 32 decision-makers from banks, credit unions and independent mortgage banks (IMBs) of various sizes. They agreed that addressing signs of wear in a mortgage origination tech stack is a cornerstone of their technology strategies. ...

https://www.blackfin-group.com/post/gse-guidance-the-elephant-in-the-room

By Keith Kemph posted 06-05-2024
GSE Guidance: The Elephant in the Room To put the context of this next article in my series on the right footing, I offer the perspective of how dependent we are on the functioning parts of our vehicle. Whether it be a sedan, SUV, or a truck, the parts of the whole make the product work, and it must work to the highest level possible for our safety. I remember last year, when the outside temperature was in the mid 90’s the battery on our SUV failed to start. Here I was stuck in a parking lot, dealing with an increasing level of frustration in accepting the failure, coming to terms with reality, and then waiting for a tow truck. ...

Selecting Mortgage Technology with Jessica Evett (part 2)

By Keith Kemph posted 05-29-2024
Enter the Shark Cage with Jessica Evett of Cloudvirga, a Preferred Partner of BlackFin, to hear some key insights before you make your next technology investment. Keith and Jessica dig into why lenders are only getting 60% or less of the value of their technology spend. Listen Now : https://www.youtube.com/watch?v=kmNuuQCR45o

Expanding the homebuying pool is the best way to uncover mortgage opportunities

By Bernard Nossuli posted 05-14-2024
Owning your own home has always been central to the American Dream—but, like all dreams, homeownership can be elusive. In 2011, iEmergent founder and market intelligence pioneer Dennis Hedlund wrote about the factors keeping people out of the metaphorical Homeowner Dream Club . The challenges facing today’s potential homeowners are different, but no less daunting. Some would-be homebuyers are reluctant to apply for a mortgage after being declined in the past. Others struggle to accumulate the substantial up-front costs of a mortgage loan. Still others are hesitant to commit to homeownership at all after living through a global pandemic that cost friends ...

Incorporating Miller’s Law into Software Training

By Keith Kemph posted 05-14-2024
5/4/24 by Michael Simon , Principal Consultant with BlackFin Group Incorporating Miller’s Law into Software Training In the ever-evolving landscape of technology, software training plays a crucial role in empowering individuals and organizations to harness the full potential of digital tools, especially as training is a pillar of successful change management. However, the complexity of software systems presents a huge obstacle to a successful training of the new software, as its complexity can often overwhelm learners, who often have to learn numerous features, functions, and workflows, hindering their ability to grasp and retain essential ...

GSE Guidance: Risk? Not Us!

By Keith Kemph posted 05-08-2024
GSE Guidance: Risk? Not Us! By Luana Slettedahl is a Principal Consultant with BlackFin Group Welcome to my continuing series regarding working with the GSE’s! As I write this article, I reflect on how the mortgage industry has always been impacted by swings in the market. Risk is around us every single day: interest rate volatility, loan production volume, credit risk, underwriting changes, technology implementation, managing margins, or a changing talent pool – it is a business with inherent risk. Whether we care to recognize and manage risk, it is those firms which succeed in the ...

7 Steps to Mitigate Cyber Security Risks Today

By Keith Kemph posted 05-01-2024
April 3, 2024 By Mike McChesney, Principal, BlackFin Group At least 4 financial services companies in the mortgage business (First American, Fidelity National Financial, Planet Financial, and Mr. Cooper) have disclosed incidents involving cybersecurity breaches or ransomware attacks. These high profile attacks have been publicly disclosed. There are likely other events that have not yet been publicly reported. The impact of these attacks is both operational and reputational, and litigation around them has already begun. At the same time, banks such as JPMorgan Chase say hacking attempts are increasing. These events all point to the ...

Mortgage Market Guide Minute 4 30 24 Compliments of Tabrasa

By Bill Bodnar posted 04-30-2024
Bracing for a wild day tomorrow in the financial markets. The stage is set. MMG Minute 4 30 24

Fight against Fraud with Direct Data Sources

By Keith Kemph posted 04-17-2024
Listen while you work as Keith Kemph at BlackFin welcomes John Hardesty, General Manager of Mortgage for Argyle, into the shark cage to talk about the key to reducing fraud risk is by using direct data sources as not only a faster, cheaper, better way to verify employment and income but to mitigate loan risks better. Jump into the shark cage now and listen in by clicking here: https://www.youtube.com/watch?v=xl0NMRAnqbA

Your New Mortgage Strategy Starts with Better Forecasting

By Bernard Nossuli posted 04-16-2024
By Bernard Nossuli, COO, iEmergent Can you identify the exact neighborhoods that will drive mortgage growth for your credit union over the next year? What about the next three years? Five? With forecasting, marketing intelligence, and advisory services from ACUMA affiliate member iEmergent , you can do just that. iEmergent leverages all kinds of information—including demographic, economic, housing, and competitor data—to help credit unions locate and engage home-ready, underserved markets. While our analysis certainly takes into account historic and current trends, what sets iEmergent apart is our ability to provide uniquely accurate forecasts ...