During a recent industry discussion, Emerson was accompanied by Terry Schmidt, CEO of Guild Mortgage; John Hedlund, vice chairman at ICE Mortgage Technology; and Brian Woodring, chief information officer at Newrez.
Addressing the issue of industry consolidation, Emerson acknowledged its presence before handing the floor over to Schmidt. With over 41 years at Guild, Schmidt has overseen much of the company’s merger and acquisition (M&A) activity.
Discussing Guild’s recent acquisition by a fund owned by Bayview Asset Management, Schmidt emphasized the importance of considering the future landscape. “As stewards of our companies, we have to really think about what the world is going to look like in five to 10 years,” he stated.
Woodring expressed his view on consolidation as the natural progression of the industry, highlighting the benefits of larger companies in deploying new technologies for improved scalability and efficiency.
AI was also mentioned as a key player in the consolidation process by Woodring. He noted that while AI is often hyped, its promise is real and can lead to automation for a streamlined experience for lenders, servicers, and customers.
Hedlund stressed the importance of correctly implementing AI to ensure compliance and accuracy. He advised mortgage leaders to focus on solving real business challenges with technology, rather than simply deploying AI for the sake of innovation.
Looking ahead, the panelists predicted continued automation and regulatory changes as borrowers evolve their expectations for high-tech transactions. Embracing technological change was deemed essential for staying competitive in the industry.
“The time is always now — you have to take advantage of opportunities as they exist and be prepared to navigate risks,” Schmidt concluded.