Lending FinTech Company Expands Executive Team with Seasoned Product and Technology Development Expert.
Technology integrations have been a hot topic in software for quite some time, and for good reason. After all, as the number of systems we've grown to rely on continues to increase, they'll fail to save us time and energy if they're unable to communicate and work together. This was arguably the secret to messaging app Slack’s success -- the platform has had the ability to integrate with almost everything imaginable from the start.
We’ve seen Millennials emerge as a home-buying force in the past year, quickly becoming the largest demographic purchasing homes. This comes after years of worry that debt and economic concerns would keep them from moving out and buying houses.
The housing market environment is transitioning to a phase we haven’t seen in years. As home sale prices reach record highs and rates continue to rise, lenders are looking for new ways to create revenue outside of traditional refinancing.
The housing market has hit a little lull. It was inevitable. July marked the 77th consecutive month of median home price growth (that’s more than 6 years), so we’ve known that prices would eventually hit a ceiling.
As a technology company, we love to create software solutions to solve everyday problems. It’s in our DNA and arguably the reason many of us come to work every day. That means we’re always hard at work building features to make life easier for our clients and partners.
The traditional construction loan administration process requires loan administrators to manually gather portfolio data from various spreadsheets and paper files when assembling reports. Without digitization, this highly manual and inefficient process can cost credit departments days, or in some cases weeks, of valuable time, and as a result, many financial institutions only review comprehensive portfolio data when deemed completely necessary.
Tell me if you’ve heard this story before: a chief lending officer or chief credit officer is asked to report on the overall health of their construction loan portfolio -- best producing team members or loans, under-performing elements, effectiveness of the draw process, or some other key performance metrics.
You may have seen the headlines indicating that construction outlook for the year is looking really strong. We’ve covered it a couple times, even in infographic form.
The surge in popularity of reality renovation shows has inspired many homeowners to look at their houses in a new way -- namely as a project they can beautify themselves. Home buyers are looking for houses that look like they do on TV, with modern layouts and updated features. Combine that with record-low home inventory, and the result is more people choosing to update their current homes instead of looking for something new.