On the third day of the Five Star Conference and Expo, industry leaders looked to the future of the industry. The Diversity and Inclusion Lab, Fintech Lab, and Foreclosure Lab provided attendees with key information for their respective businesses, with a focus on getting ready for changes.
The day kicked off with the Fintech Lab, hosted by Auction.com along with Blue Waters Financial Technologies, InfoEx, CPROP.IO, Morgan Lewis, Mortgage Connect, and Strategic Venture Partners. Lab Director Jennifer McGuinness, Co-Founder, Managing Partner, Strategic Venture Partners gave the opening remarks.
"People who don't understand Fintech think the goal is to replace people," said McGuiness. "Its purpose is to make our jobs easier."
Panelists discussed new innovations such as blockchain and digital mortgages, and talked regulation and consumer expectations. How are these innovations being implemented to streamline processes, increase transparency, and reduce costs across the financial services sector?
"Technology will not fix a bad business practice," said Rick Sharga, President & CEO, CJ Patrick Company. "Technology will make good business practices better."
During the Foreclosure Lab, hosted by Altisource, experts discussed effective foreclosure administration practices are central to successful default servicing. Lab Director Erum Nayani, VP, Litigation & Regulatory Compliance, BSI Financial Services introduced the panels. Nayani noted that "the mortgage industry is ever-changing."
""It's important to work with borrowers that want to work with us," said Nayani.
The lab dove into best practices for foreclosure, as well as what servicers need to know when it comes to enforcement and rules. The Lab also addressed the industry's most pressing issues ranging from pending legislation to maintaining compliance.
Jared Bernotavicz, Director Product Management, Equator stated that it is an "interesting time for us historically" when it comes to foreclosures in the housing market.
"Everyone's trying to figure out what's coming next," he added.
Charmaine Brown, Director, External Outreach and Engagement, Office of Minority and Women Inclusion, Fannie Mae, directed the Diversity and Inclusion Lab, hosted by Allied-SCSS and Five Brothers Asset Management Solutions
"It's critically important that you understand what tools are available to you, and what strategies should be implemented in order to achieve your recruitment goals," Brown told DS News.
At the Diversity and Inclusion Lab, Brown led discussions focused on inclusivity. Featuring presentations and collaborative roundtable discussions, the 2019 Five Star Diversity and Inclusion Lab served as a platform for industry leaders to advance the diversity dialogue and promote inclusive business practices to the benefit of individuals, their organizations, and the industry.
"Unconscious bias is near and dear to my heart because it is a real impediment," she added. The panel titled "Inclusion and Small Business: Incorporating D&I Practices" briefly discussed the implications of unconscious bias, noting how something as simple as a name on a resume can unconsciously impact a hiring decision.