Digitally Transforming the Mortgage Banking Industry: A Best-Selling New Book

Jim Deitch, CPA, CMB, Chief Executive Officer of Teraverde

The 2017 Mortgage Bankers Association Chairman’s Conference included a session titled FinTech and the Future. I had the honor of serving on that panel with Jonathan Corr, President & CEO of Ellie Mae, Bill Emerson of Quicken and Nima Ghamsari of Blend. We spoke about the cost to produce a loan in 2017. I noted it cost more in operational labor to manufacture a loan file than General Motors spends on labor to manufacture a car. Jonathan Corr said, “Someone should write a book on this topic.”

“Digitally Transforming the Mortgage Banking Industry” is a best-selling new book that debuted as #1 on Amazon’s Hot New Releases List on February 28 and remains as the #1 New Release on Amazon in its category. The book will be formally launched at Ellie Mae Experience 2018, in honor of Jonathan Corr’s planting the seeds for the book.

The book goes far beyond the typical mortgage industry’s one-size-fits-all “best practice” advice. It provides a clear explanation of the necessary cultural and technological transformations to create high customer satisfaction, improved employee retention, lower costs and increased profit in varying business models.

The book looks at the mortgage banking industry and its challenges though many different lenses that refract what most people see as a simple beam of white light into a wide range of wavelengths. For this book, I interviewed twenty-five high performing “maverick” CEOs who can see colors and opportunities invisible to most people. In addition to a powerful conceptual framework, research uncovered some fascinating exemplar stories of the good and the . . . not-so-good in FinTech.

The 25 CEO Mavericks interviewed include Jonathan Corr (Ellie Mae), Bill Emerson (Quicken), Dave Stevens (MBA), Deb Still (Pulte Mortgage), Stan Middleman (Freedom), Nima Ghamsari (Blend) and twenty more accomplished execs.

I am proud to share the thought leadership of these Maverick CEOs with the industry at large. All royalties are donated to the MBA Opens Doors Foundation, which makes rent and mortgage payments for families with seriously ill children.

The True Digital Mortgage

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