Robb Says Tech Would Have Better Prepared Mortgage Industry
Best Practices

Robb Says Tech Would Have Better Prepared Mortgage Industry

April 28, 2020
by
Keith Griffin

The Mortgage Leadership Outlook series kicked the week off with Carissa Robb, president and chief operating officer of Constant Energy Capital. Robb joined the series' host Andrew Berman, head of engagement and outreach for NMP magazine, for a discussion on what her company has seen during the coronavirus pandemic and what the future may hold.

As the COVID-19 pandemic continues to pose challenges for the mortgage industry, the Mortgage Leadership Outlook series is designed to help you, the mortgage professional, navigate the evolution of the industry as it copes with the effects of the Coronavirus.

A key point Robb focused on is better preparation with technology could have helped the mortgage industry with the forbearance crisis and other issues. Part of the problem is staffing. As foreclosure and default rates dropped, servicers moved staff out of loan mitigation departments.

"I'm not sure we made enough progress on the technology side so that in the event of another crisis we were a bit more prepared. That part looks very similar to 2008," Robb said in her interview with Berman. "Our response to an influx of hardship could have looked a bit different if we had invested our time into technology."

More Highlights From The Interview

  • The mortgage industry needs to embrace the process of automation and data aggregation and analysis that's been applied on the front end and apply it after completing the initial origination. "You can use those in combination to get a picture of your borrower who is looking for help," Robb said.
  • Automation in the form of chatbots and other artificial intelligence needs to be empathetic. "You have to have the human component in there," she said, adding any automation solution mustn't lose that engagement. "You want them to think a human is behind the chatbot," Robb said.
  • AI can be an effective means for developing subjective reviews of applications, Robb explained. She said it could be used to analyze a set of data points a human might not. As an example, she said a human reviewing an application from a self-employed person might have a bias because the potential borrower isn't able to supply two months of paychecks. "Artificial intelligence can go on a different path based on the consumer," Robb explained.

Check out the entire chat between Schroeder and Berman in the video below.

Previous guests in the Mortgage Leadership Outlook series include David Schroeder, Robert Stephens, Christine Beckwith, David Luna, Barry Habib, David H. Stevens, Rob Chrisman, and more. See all the interviews from the Mortgage Leadership Outlook series on its YouTube channel.

Written by 
Keith Griffin

Keith is the managing editor at American Business Media in West Hartford, Conn.

kgriffin@ambizmedia.com
Robb Says Tech Would Have Better Prepared Mortgage Industry
April 28, 2020 11:27 AM
by
Keith Griffin
Best Practices

The Mortgage Leadership Outlook series kicked the week off with Carissa Robb, president and chief operating officer of Constant Energy Capital. Robb joined the series' host Andrew Berman, head of engagement and outreach for NMP magazine, for a discussion on what her company has seen during the coronavirus pandemic and what the future may hold.

As the COVID-19 pandemic continues to pose challenges for the mortgage industry, the Mortgage Leadership Outlook series is designed to help you, the mortgage professional, navigate the evolution of the industry as it copes with the effects of the Coronavirus.

A key point Robb focused on is better preparation with technology could have helped the mortgage industry with the forbearance crisis and other issues. Part of the problem is staffing. As foreclosure and default rates dropped, servicers moved staff out of loan mitigation departments.

"I'm not sure we made enough progress on the technology side so that in the event of another crisis we were a bit more prepared. That part looks very similar to 2008," Robb said in her interview with Berman. "Our response to an influx of hardship could have looked a bit different if we had invested our time into technology."

More Highlights From The Interview

  • The mortgage industry needs to embrace the process of automation and data aggregation and analysis that's been applied on the front end and apply it after completing the initial origination. "You can use those in combination to get a picture of your borrower who is looking for help," Robb said.
  • Automation in the form of chatbots and other artificial intelligence needs to be empathetic. "You have to have the human component in there," she said, adding any automation solution mustn't lose that engagement. "You want them to think a human is behind the chatbot," Robb said.
  • AI can be an effective means for developing subjective reviews of applications, Robb explained. She said it could be used to analyze a set of data points a human might not. As an example, she said a human reviewing an application from a self-employed person might have a bias because the potential borrower isn't able to supply two months of paychecks. "Artificial intelligence can go on a different path based on the consumer," Robb explained.

Check out the entire chat between Schroeder and Berman in the video below.

Previous guests in the Mortgage Leadership Outlook series include David Schroeder, Robert Stephens, Christine Beckwith, David Luna, Barry Habib, David H. Stevens, Rob Chrisman, and more. See all the interviews from the Mortgage Leadership Outlook series on its YouTube channel.

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