Mortgage platform LendInvest has launched its Mortgage Tech Meetup event series, aimed at bringing together property industry and technology experts to discuss the future of mortgage technology.
The inaugural session of the event series focused on Mortgage Technology Trends in 2023 and the Future of Lending, featuring a panel of prominent speakers, including Orla Shields, CEO and co-founder of Kamma; Ying Tan, fintech and proptech leader and investor; Justus Brown, founder and CEO of Acre; and Peter Wallis, VP of technology at LendInvest.
During the discussion, panelists addressed topics such as the state of the mortgage process, technology adoption in the past five years, challenges in obtaining property data from Government sources, and the role of AI, machine learning, and Chat GPT in the mortgage industry.
Tan emphasised the need for industry collaboration to improve the mortgage process, stating, “It’s imperative voices in our space come together to improve the disjointed [mortgage] process. There are many businesses that throw money at it, but do they really care about the problem we’re trying to solve?”
Peter Wallis expressed his disappointment in the mortgage industry’s slow progress compared to other sectors, saying,
“It’s disappointing to see the mortgage industry lagging behind other sectors, and be so laden with friction and manual steps. Looking to remove all of those points of friction, using digital enablement, not only helps the broker and customer, but drives operational leverage.”
Regarding the upcoming Consumer Duty, Justus Brown commented: “Building a system that presents brokers with the right information enables brokers to have the right types of conversation. Not only does this deliver a superior customer experience, but also prevents harm coming to that customer… and that is what is especially rewarding.”
Orla Shields spoke on the current state of property data, adding: “Property data is a minefield, which offers a huge opportunity for disruptors in the market right now. Having APIs on the lender side would be especially useful here.”
The next Mortgage Tech Meetup is scheduled for 28 June, with speakers to be announced in due course.
The event series highlights LendInvest’s commitment to fostering collaboration and innovation in the mortgage industry, as well as its dedication to staying at the forefront of mortgage technology trends.
