Conference season is now year-round for most industries, but Fall is most important in the mortgage sector. It’s when most banks and lenders make financial plans for the new year, and Fall 2024 will be the most consequential in years for 4 reasons. Here’s a rundown along with a rundown of Fall’s first big conference, Digital Mortgage Conference 2024.
First, election outcomes could reshuffle housing policy in Washington. Key regulators like the Consumer Financial Protection Bureau (CFPB) and the Federal Financial Housing Agency (FHFA, which oversees Fannie Mae and Freddie Mac) all could change meaningfully depending on election results. These regulators set the tone on how lenders build technology, compete with each other to win consumers, and assist homebuyers on affordability. All of this is at stake.
Second, the Fed’s inflation battle is almost complete, and now the Fed may cut overnight bank-to-bank lending rates (aka the benchmark Fed Funds Rate) as soon as September 18. The mortgage bond market has already rallied ahead of this, bringing mortgage rates to 6.5%, down a full 1% from the 2024 peak on April 25. How many cuts will the Fed make? How much more will mortgage rates drop? And how much will lower rates help or higher buyer demand hurt affordability? All of this is in play.
Third, the mortgage industry in 2Q24 just turned profitable again after 8 straight quarters of losing money. This is a positive for lenders, the consumers they serve, and the housing economy overall. The remainder of 2024 will determine whether the 2Q turn positive was an anomaly, or if we’re officially entering a new cycle of housing health.
Fourth, likewise the fintech sector was decimated from 2022 to present as venture capital dried up, rates rose, and lenders all cut back on investing in innovation. But was it decimation or a natural pruning process of the mortgage fintech ecosystem?
The Basis Point believes it’s the latter.
We keep a close eye on all fintech companies in the sector, and companies that have made it are leaner and more relevant than ever.
As for AI, many of these companies are well on their way with new AI capabilities (and let’s face it, AI is mainly a way to better use your data), plus there’s a new crop of AI-native firms we’ve been looking at who will now come up in this cycle.
These 4 themes take center stage at the National Mortgage News Digital Mortgage Conference 2024 in San Diego September 9-10.
The agenda is full of the top players in America’s $2 trillion per year loan originations and $14 trillion loan servicing markets:
-United Wholesale Mortgage
-Rocket Mortgage
-Mr. Cooper
-Guild Mortgage
-Better
-loanDepot
-CMG Financial
-BSI Financial Services
-Absolute Home Mortgage Corp.
-Synergy One Lending
-Veterans United Home Loans
The list goes on, and one theme is clear: smart tech strategy is helping these firms win.
There’s no single playbook, and this forum is where you see all different players/channels share what tech and operational strategies are working best for them.
It’s the only show that puts both lenders/servicers AND fintechs on the main stage (and yes, also the GSEs and regulators too).
Next week, we’ll announce more of who’s speaking and which fintechs are demoing – but for now, I just wanted to shout out some of the team behind the Main Stage Demo Contest (with $10k to the winner thanks to our friends at LendingTree!)
I can’t wait to rock and roll with the National Mortgage News team, and see you all there!
Special shout outs to our core Digital Mortgage Conference 2024 crew Robin Clayton (Paramount Residential Mortgage Group), Christina Zulueta Randolph (Freddie Mac), Sue Woodard (STRATMOR Group), Will Adams (LendingTree), and of course NMN editor in chief and conference host Heidi Patalano — and her whole team.
Thanks to NMN’s commitment to tech powering today’s top mortgage players.
Check out the agenda and register at the link below.
