Technology Trends and the Banking Industry

We recently asked our Third Party Originations Manager, Dave Stephan, to clue us in on what’s currently trending in the banking world.

Dave provided us with great insight and even offered to write us a guest blog post for our website. Read on to learn more about technology and banking.

“In the interest of full disclosure, let me first say that I am not a banking expert nor do I play one on TV (or even the internet for that matter).

Trends that I’ve seen for banking in 2017 and beyond almost exclusively deal with technology or have a substantial underlying tech component to their existence. Blockchain, open API’s for various platforms, mobile solutions, to name a few, are inherently technology-based and others such as continued compliance and regulatory concerns are generally being dealt with through tech-based solutions.

To me, the word “trend” has always implied something exciting or interesting – a new fashion trend! A new restaurant trend! A new music trend! – Trends now come at us with such frequency and velocity (thanks, internet) that most of us have trouble staying on top of what’s coming. I suppose that is part of what a trend is – having a substantial part of the population in its wake, trying to keep up.

I suspect that the trends in banking I mentioned earlier will certainly elicit interest from community institutions but probably not excitement. At least, not in a good way.

A community bank or credit union’s reason for being, offering high-touch personal service that recognizes a customer’s unique needs, is fundamentally at odds with where technology seems to be going. That is, as a replacement for a personal interaction rather than a facilitator of that interaction.  Mobile deposit, online account opening, Apple pay, Rocket Mortgage – the list goes on. ATM’s, once considered a threat to the traditional teller transaction, are now themselves becoming obsolete to our mobile devices and will likely go the way of the phone booth.

We’ve been trying to hammer the square peg of the mortgage transaction into the round hole of technology for years with varying degrees of success. Each successive advancement predicted the demise of some segment of the process. LP/DU – death of the underwriter. AVM’s – death of the appraiser. Online mortgage application – death of the loan officer.

I’m happy to report that these deaths have been greatly exaggerated (thank you, Mark Twain).

The mortgage process can be an incredibly complicated, messy, and emotional endeavor as anyone in this business can attest to.  Borrowers, loan officers, appraisers, underwriters, processors, closers, Realtors, title companies and more each play their own critical role that technology can never become a complete substitute for.”

Special thanks to Dave for the inside knowledge!

With Inlanta’s Third Party Mortgage Origination program, we can help you focus on your customer or member by providing the technology to facilitate and enhance your mortgage origination efforts.  Every potential borrower is a cross-sale opportunity too valuable to lose. We provide the ability to easily enter the government or jumbo lending market or supplement your conventional business to maximize those opportunities.

Let us help you originate more and worry less!  Need more information?  Email Dave at davestephan@inlanta.com, call 262.754.6292, or visit our LinkedIn page.

Inlanta Mortgage Welcomes David Williams as RVP of Business Development

Inlanta Mortgage, Inc. is pleased to announce the addition of David Williams, Regional Vice President of Business Development, to Team Inlanta.

David Williams comes to Inlanta Mortgage with over 30 years in the mortgage business. David has been recognized as one of the “Top 100 Most Influential Mortgage Executives in America” in 2013, 2014, and 2015 by Mortgage Executive Magazine.

Inlanta Mortgage President & CEO Nicholas DelTorto said, “Inlanta has seen significant growth over the past year. We moved our corporate headquarters to a new building to accommodate our expanding staff and David will help us continue on this growth trajectory.”

Inlanta Mortgage Senior Vice President Chad Gomoll continued, “We have added 4 branches within the last quarter, and we want to expand our footprint in Colorado and Texas and continue to grow our presence throughout the country. David Williams will help us accomplish our planned growth strategy by serving a vital role on our Business Development team.”

Inlanta Mortgage is currently looking for branch managers and loan officers who want to grow their business. To learn more about Inlanta Mortgage branch partnership and loan officer opportunities in Colorado and Texas, contact David Williams at 303-947-1960 or davidwilliams@inlanta.com. To learn about opportunities in other locations, visit www.inlantapartners.com, call 262-439-4260, or email partners@inlanta.com.

About Inlanta Mortgage

Headquartered in Pewaukee, WI, Inlanta Mortgage was established in 1993. The company has grown to 39 branches in 16 states and over 250 employees. Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as jumbo and portfolio programs. The company is an agency-approved lender for Freddie Mac, Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs.

Inlanta Mortgage is the second largest mortgage financing provider in greater Milwaukee as ranked by the Milwaukee Business Journal, as well as the second largest provider of FHA purchase loans and the number one WHEDA lender in Wisconsin. Inlanta Mortgage was named a Milwaukee Journal Sentinel Top Workplace for the third consecutive year in 2016. Inlanta has been consistently recognized as one of the “50 Best Mortgage Companies to Work For” by Mortgage Executive Magazine and one of the country’s “Top Mortgage Employers” by National Mortgage Professional. Inlanta Mortgage, Inc. NMLS#1016.

Spring into Busy Season with Inlanta’s TPO Program

First, a little Spring rhyme from our Third-Party Originations Manager, Dave Stephan.

“Spring has sprung, the grass has riz, I wonder where the refi’s is?…”

This past week, we sat down with Dave to discuss the upcoming spring homebuying season and the current market rates. Dave found himself wondering if, given the current rates, we had finally “bottomed out”.

Dave went on to say, ” I remember the excitement at the bank I was working at way back in the late 1980’s when 30-year rates briefly hit 9% and we began what was one of the seemingly endless refi booms we’ve seen over the past 30 years. I don’t think I can recall how many times after that the, ‘Is this it?’ thought entered my mind as rates fell past 8%, 7%, 6%, etc. ”

Dave explained to us that many lending institutions are seeing one of the first traditional “winter into spring” transitions we’ve experienced in a very long time. For past bank or credit union borrowers, this means that a large chunk of these institutions’ overall mortgage volume has largely disappeared.

The silver lining is that we are entering one of the strongest purchase markets since the financial crisis began back in 2007. Back then, the word “millennial” was a term most industry professionals only had a vague understanding of; however, this market is expected to bring on a whole new generation of home buyers in need of assistance.

When discussing how Dave is helping his client base increase profitability during this time, he said, “The question I ask is, does your institution have the right mortgage product mix to reach this market segment as well as the overall purchase market beyond the standard 30-year conventional? More importantly, do your realtor partners recognize you as a lender that can offer more options like FHA, VA, and USDA to meet the needs of their clients?”

According to the Ellie Mae Millennial Tracker, since June of 2016, 40% of millennial loan volume has gone to FHA in the latter half of the year. Rob Chrisman also recently wrote in his Daily Mortgage News & Commentary:

“NAR took a look at the aspiring homeowner in its latest survey. Affordability was the #1 reason for people not owning a home, followed by flexibility concerns. That said, 88% of non-owners eventually do want to own a home. There still seems to be a disconnect between what people think they need (as far as a down payment) versus what is actually required. FHA loans remain the best way to get these people their first home. “

So, in conclusion, if you are a bank or credit union that doesn’t want to miss the boat on this burgeoning market, consider Inlanta Mortgage’s Third Party Origination program. We offer a simple and profitable way to quickly enter the government lending market. Our program includes training for originators to recognize and place their borrowers into the appropriate loan product. After that, we manage disclosures, processing, underwriting, and closing docs, all the while keeping your originator as the “face” of the transaction.

Our in-house marketing staff will also work with you to develop materials branded in your bank or credit union’s name to get the word out to your realtors and business partners.

In short, we offer a true partnership to help you originate more and worry less. Need more information? Email Dave personally at davestephan@inlanta.com or call 262.754.6292 or visit our LinkedIn page

We Appreciate Our Employees Today, and Every Day

While March 3rd, 2017 is officially known as Employee Appreciation Day nationwide, we strive to make every day feel like Employee Appreciation Day here at Inlanta Mortgage.

At Inlanta, one thing we understand—day in and day out— is that it’s the people who truly make our company great. At Inlanta, we believe investing in our employees and providing them with a work environment they can thrive in is top priority. Inlanta Mortgage is a family-owned business—and we run it that way! You will often hear our employees around the office refer to our group as “Team Inlanta” and they regularly welcome all new employees with open arms as new members of the “Inlanta Family”.

Our culture here is open, team-oriented, and guided by our code of ethics. At Inlanta, we understand that we have the ability to positively impact everyone we touch and strive to improve the lives of those we serve and work with in our communities. Each of our employees understands and shares in these values along with us helping create a strong environment of passionate professionals sharing a common goal.

We want to thank each and every one of our Inlanta employees for their contributions today, and every day. If you are interested in hearing more about what our employees have to say about #TeamInlanta, please visit our Glassdoor or Indeed pages. If you are interested in working with Inlanta Mortgage, please visit our website for openings & opportunities.