Experian Vision Conference, a Recap: Housing in Focus

Published: June 20, 2024 by Scott Hamlin

The Experian Vision conference is an annual event hosted by the leader in global information services. Vision 2024, held in Scottsdale, Arizona, from May 20-23, gathered industry leaders, data experts, and business professionals to discuss the latest trends and innovations in data and analytics.

Aligned with the theme of “Powering Opportunities,” Vision 2024 featured breakout sessions offering attendees valuable insights and strategies for using data to drive business growth and success. Here are the highlights from three of the sessions focused on housing topics.

Two industry experts, Sam Khater, Chief Economist at Freddie Mac and Susan Allen, SVP of Product, Experian Housing, engaged in a lively and thought-provoking discussion. The program covered the current state of the mortgage market. Susan and Sam took turns presenting their findings, exchanging ideas, and sharing their perspectives about where lenders could see opportunity in the current challenging mortgage market. They identified these current challenges and opportunities for lenders and borrowers.

  • The economy continues to expand at a solid growth rate. Consumer spending remains firm, and the labor market is tight. The healthy economy is causing inflation and interest rates to remain higher for longer.
  • Home purchase demand is coming off cyclical lows, but home sales remain low with mortgage rates remain above 7%. Inventory is improving modestly, but it remains very low due to chronic undersupply.
  • The dynamic of low home sales, and even lower supply will continue to pressure home prices to increase, especially given many borrowers are moving to more affordable markets more frequently than in the past.
  • There are 46 million likely qualified non-homeowner consumers, of which 7 million appear ready for first time homeownership. Although affordability remains a significant challenge, there are geographic regions where aspiring first-time homeowners are finding better success. Lenders are pursuing data-driven, nuanced approaches to identify and successfully reach these consumers.

Three recognized industry professionals headlined this panel discussion. Eric Czajka, VP of Governance and Oversight at Rocket Companies, Experian Housing’s Susan Allen, and Product Manager for Experian Housing, Angad Paintal, shared their insights with a review of recent innovations from Rocket, including specific Experian solutions that are supporting Rocket’s consumer engagement strategy.

Lenders in attendance also learned the next steps they can take to win borrowers that ready to consider a refinance. Experian showcased what’s possible with the combination of multiple data sources in a user-friendly interface to help lenders prepare for a rate reduction, including the potential triggers for conventional refinance, VA refinance and FHA refinances. Each segment needs to move 50 basis points to make the possibility of a refinance reasonable for the borrower.

Vision 2024 continued with a casual conversation between Newrez COO Joshua Bishop and Chris Travis, Software Sales Expert at Experian. Participants experienced a glimpse into recent developments in mortgage technology from the Newrez leader and how these advancements reflect the industry. The program featured an exchange of questions and answers centered around three crucial topics that have significant implications for housing industry growth and development. These include economic uncertainty (interest rates, refinances, and delinquency trends), government regulations and policies (Basel III, CFPB) and technology (big data and generative AI).

The key takeaway from this session was that the mortgage industry is undergoing a tech revolution. Lenders and servicers are utilizing predictive models to assess risk and personalize communication, while generative AI streamlines document processing and provides a cleaner experience for internal and external users alike. Deep analytical tools provide a clearer picture of borrower finances and hardship resolutions. This technological embrace is transforming the mortgage process, making it faster, more efficient, and more accessible.

Be part of the future at Vision 2025

Vision 2024 was a resounding success, bringing together our valued clients to share innovative ideas and forge new connections. We were thrilled by the thought-provoking discussions and the collaborative spirit that permeated the event. As we look ahead to next year’s conference, we eagerly anticipate even more groundbreaking conversations and opportunities for growth. Don’t miss out – secure your spot now and be part of the future at Vision 2025.

Register now

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