How do you think valuation will change with technology?

While technology has already made so many advancements in the mortgage industry, we are on the verge of a new digital revolution. There are so many new tools and technological resources available, it will forever change the landscape of how real estate is purchased. Blockchain, Drones, Augmented Reality, we discuss all this and more with Rick Hill, Vice President of Industry Technology of the Mortgage Brokers Association.

Next week the MBA will host its annual Technology Solutions Conference & Expo in Detroit, MI. With over 1200 attendees and 100 exhibitors, this conference will target all aspects of the industry. Whether you are looking for business solutions, new opportunities or just how to improve your business this is the place to be.

Buzz: Rick, thanks for taking the time to speak with us. What should someone who has never experienced the MBA tech conference expect when they show up to the conference?

Hill: There will be a lot of opportunities to learn as well as some innovative formats to keep the attendees interested throughout the conference. We have a Tech Showcase which is a place for people to watch quick demos from some of our featured vendors. There will also be the “Innovation Hub” which is a great way to network and learn about new opportunities for your business. The lineup for educational sessions will help you learn about what other companies have done to build their business and some of the new technology you will need for yours.

Buzz: Are there any new features this year that seasoned veterans should experience while they are there?

Hill: We have a new session Sunday afternoon hosted by Garth Graham of STRATMOR and Daryl Grant of KPMG. This pre-conference session will allow attendees to get caught up on some of the terms and technologies they will be hearing during the course of the conference. This session will make sure you aren’t overwhelmed by all the technology that is featured. We mentioned the Tech Showcase earlier but this year it will be a full day and feature more vendors than we have ever had participate. Finally, on Wednesday we will have a 90-minute Q&A session to make sure anyone who has questions will be able to get them answered before they leave.

Buzz: What are some of the presentations attendees will be most excited about seeing.

Hill: We have such a great lineup this year they will want to see everyone. One of the innovative panels we have is the Emerging Technologies, Over the Horizon: Drones, Augmented Reality, and the Internet of Things. There will also be a two-part Panel on Blockchain for the Mortgage Industry. As well as a panel on AI titled, Artificial Intelligence – The Promise and the Peril.

We are also really excited to have Billy Beane as our Keynote speaker as he discusses the early forms of analytics and finding a new way to compete. It is a thought-provoking presentation about how the disruption of the baseball industry applies to the mortgage industry.

Buzz: Why is this such an exciting time for tech in the mortgage industry?

Hill: Opportunity! People are looking around and seeing the technological changes that have hit other industries. They look at historically paper-based industries and they are seeing new opportunities to rethink how to serve consumers. We still want and need appraisals, but can we do them in ways that shorten the timeline and improve consumers satisfaction with the quality of the product? The mortgage industry is a very large ecosystem that includes a lot of parties. There is a need to collaborate to figure out the best way to serve consumers going forward.

Buzz: How do you think the valuation part of the industry will change with technology?

Hill: There is a lot of technology that could help make appraisers lives easier. Could we use drones and other picture taking opportunities to assist? Could we change the appraisal process by utilizing technology? Will Artificial Intelligence assist with some of the selection of comps? Will digitizing what is being produced accelerate the process? It’s exciting to think about where the industry is heading.

Buzz: Is there anything that we forgot to ask that you feel our readers should know?

Hill: I always worry that I may have narrowed the focus of the conference down but anyone that looks at the SCHEDULE can see the wide variety of tracks. There is something for everyone from cybersecurity, commercial appraisal, and much more.

Buzz: Thank you for taking the time to talk with us, Rick. We are looking forward to seeing you in Detroit April 15th – 18th. We encourage our readers who would like to hear more to watch this quick interview with Rick.

If you haven’t registered yet but would like to attend you can still register on the website HERE or on-site at the Detroit Marriott at the Renaissance Center.

If you would like to submit an article to the Appraisal Buzz, please contact us at comments@appraisalbuzz.com

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About Rick Hill

Rick Hill
Rick Hill serves as Vice President of Industry Technology at the Mortgage Bankers Association (MBA). In this role, he is responsible for providing leadership to MBA and its membership relating to operational and technology topics faced by the industry, including through the Mortgage Industry Standards Maintenance Organization (MISMO), which he oversees. He is also responsible for developing the content for MBA's Technology Conference and leading all of MBA's technology forums and working groups as well as managing technology related content for MBA Education. Prior to joining MBA in 2010, Rick was the Director of Data Strategy at Fannie Mae where he was responsible for data standards and best practices, data management including the company's data warehouse, and managing the relationship with regulatory agencies relating to information requirements. Before his time at Fannie Mae, he was a senior auditor with Deloitte & Touche. He holds a BBA in Accounting from the College of William and Mary and is also a Certified Public Accountant.

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