![]() So it really is about thinking about the transformation, all the way from application, all the way through to closing until we disposition that loan. As the largest servicer in the country, once we at the closing table, close that transaction, it does enter into this 30-year relationship that we have in servicing that loan or however long the loan is going to be on the books. And it really is about thinking about the entire home ownership journey, not just the transaction of getting the mortgage. In our strategy, we had said we want to take people and technology and create this simple, predictable and personalized experience for our customers. I was wondering if you could talk about what Wells has done and is doing, if you could give us an idea of what's coming down the line. People are figuring out how to continue to serve their customersĪnd we're often covering how lenders are arming themselves with more advanced technologies, to try to make this experience better for customers. I think that's the core of what's happening in the market. Really just going back to the basics and figuring out what you're good at and really leaning in. ![]() So, it really does feel like going baseline and really understanding, "what are your unique and distinctive strengths in the market? How are you going to provide a value proposition to your customers that others aren't offering? And then really, how are you going to be able to compete, whether that's new products, whether that's better service. We tease about, loan officers have to figure out how to call the phone out, because it's not just people calling in, in the refinance market. I think now vendors are having to really focus on, "what is my strategy? How are we taking care of our customers? How do I differentiate myself in a market versus some others? What are the key products that we're going to offer to be able to differentiate us?" I think it's a little bit of going back to basics in some ways. low interest rates, we didn't have to do too much to get the business to come in. Well, it's definitely a more challenging market, and especially coming off the last two years where the business just came in. We have enjoyed a great two years, so I wanted to know where you think there are opportunities for lenders at this moment? It's a very interesting time to be talking mortgage. I'm so glad to welcome, and I'm honored to be sitting with Kristy Fercho, the head of home lending at Wells Fargo and the chair of the Mortgage Bankers Association. Hello, I'm Heidi Patalano, editor-in-chief of National Mortgage News. ![]() This interview was conducted on August 3, 2022, prior to the bank's announcement of its withdrawal from the correspondent lending market. At a challenging time in the market, and in particular for Wells Fargo, where she is CEO of home lending, Fercho sat down to discuss both the bank and the MBA's efforts to close the racial homeownership gap. As American Banker's 2022 Most Powerful Woman in Banking, the Mortgage Bankers Association's first Black chairwoman and its fourth woman overall, Kristy Fercho's accolades and superlatives aren't in short supply.
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