Last week 4,500 leaders in the real estate finance industry came together in San Diego as part of the Mortgage Broker Association Conference & Expo. This was the first time I attended the conference and it was a great experience. There was a buzz in the air and I was lucky enough to meet a lot of inspiring people in the mortgage industry. If you missed the MBA this year, here were the big take-aways I noticed coming out of the conference: Ongoing efforts continue to restore consumer confidence. Restoring consumer confidence is an ongoing and collective effort. American families want affordable homes with value. Fannie Mae’s Home Purchase Sentiment Index™ (HPSI) shows continued gradual improvement in this area, which is a good sign. At the conference, Fannie Mae President and Chief Executive Officer Timothy J. Mayopoulos promised to “continue to introduce innovative tools that….reduce risk for the taxpayer,” which should further advance these efforts. Moving into 2016, consumer confidence is something everyone in the mortgage industry will be focused on.
Compliance with Dodd-Frank rules and regulations continue. This includes enacting the newest pieces and fixing some existing rules. Bottom line seems to be that everyone shares the goal of a safe, successful and sustainable housing market. Dodd-Frank was a hot topic all week in the press as well. It was mentioned in the democratic debate and a feature in a recent Fortune Magazine article, which pointed to its unequivocal success. At the conference, folks seemed less concerned with the media attention around Dodd-Frank and more concerned with following the regulations as they stand today. No one wants to break any rules.
Millennial consumers provide a tremendous opportunity and are ready to purchase homes. A recent study from the National Association of Realtors stated that millenials are the largest group of recent homebuyers. Because they are such a force, many conversations at the conference revolved around how to attract this segment. Ideas ranged from creating a strong online presence (51% of millenials found their home online) to strategic partnerships with local agents (90% of millenials use an agent when purchasing a home). It was an interesting discussion and one that will likely grow stronger as this generation ages.
Overall, the conference was overwhelmingly positive. The trends are encouraging. There might be a role for Onboard to play in all of this as well. With millenials becoming a strong buying force and demanding a more robust online experience and the industry as whole wanting to nurture confidence among consumers, Onboard can help move the consumer experience into the forefront.
I anticipate having many discussions with some of the people I met at the conference in the coming weeks. I hope to have more insights about this exciting industry and Onboard’s role in it. In the meantime, if you’re interested in talking about how Onboard can help you engage with your potential customers, leads, and existing clients more effectively, contact us today.