Highlights of the 2016 MBA Finance Conference
MBA Accounting and Financial Management Conference 2016
We're sharing highlights of the recent MBA Accounting and Financial Management Conference along with insight from attendees on this year's industry trends and some of the unique challenges facing their own businesses in the near future.
The 2016 Mortgage Bankers Association Accounting and Financial Management Conference was hosted at the beautiful Manchester Grand Hyatt Hotel in downtown San Diego, California.
Located just outside of the hotel was the marina where Bestborn's 10th Birthday was celebrated on the second night of the conference.
Inside the Conference
Having spoken to several leading CFO’s from across the industry during our time in San Diego, the primary concern for 2017 is uncertainty.
All of the individuals we spoke with disclosed that there was very much a wait and see attitude to how the impending administration change would affect the industry, both from a rates perspective as well as from a regularity viewpoint.
In an industry that is so vital to the success of the American economy, the feeling of unknown was a little unnerving for some.
Another general consensus from our discussions with the CFO’s was the purpose for attending an event like such as this. Many stated that having the opportunity to network with industry peers as well as gain insight through the sessions were the overriding reasons for attending.
In addition, a couple of the folks we spoke with commented that the ability to openly discuss areas of concern, as well as ideas with likeminded individuals from across the industry added to the value an event like this has for their organizations.
Overcoming Future Challenges
With the date of the next president taking office quickly approaching, the mortgage banking industry is strategically planning for its next twelve months and the changes it will bring.
Uncertainty in mind, McDowell feels that leveraging technology to gain greater business insight is key. Having a firm understanding of the organization and how it is performing at any given time is essential.
"Being able to get the information from Loan Vision in a report that is easily digestible by executives and senior management is a huge priority for us," McDowell said.
Although the Money Source's Michael McGowan knows that the day to day tasks in a mortgage bank will generally stay the same, a rapid increase in volume "could have a huge impact on the actual output of day-to-day tasks," he remarked. "The mood [of the industry] changes. When things are expanding, everyone is happy. We like to think that no matter what happens, we are positioning ourselves so that we will continue to grow."
With 2016 being a year of significant growth for many lenders in the industry, a number of the individuals commented that it is essential they take of stock of the past twelve months and learn from it to avoid future pains. FirstBank's Winnie Bunch plans to focus on digesting the expansion from many different angles. "As a company, we've got to wrap our arms around this growth from the procedural, technological, and governance perspectives." said Bunch.
Bestborn's 10th Birthday Celebration
On the last evening of the conference, the Bestborn team celebrated its 10th birthday aboard an evening cruise on the Emerald Hornblower across the San Diego bay.
After embarking on the cruise, Bestborn president Martin Kerr welcomed guests and thanked them for their hand in Loan Vision's success. In a later announcement, a Loan Vision team member drew the name of United Shore Financial Services' Tim Forrester as the winner of a Microsoft Surface.
Throughout the cruise, guests enjoyed a range of light fare, desserts, and a view of San Diego lit up for the evening from the boat deck, as well as great conversation to end the conference week in San Diego.
About the author:
Carl Wooloff is Mortgage Bank Accounting Technology Product Specialist at Bestborn Business Solutions, the company behind Loan Vision, the mortgage industry’s fastest growing provider of accounting and financial management solutions. Carl can be reached at firstname.lastname@example.org.
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