Data, Technology, and the Future of Lending: Jeff Walton on Leveraging Innovation in a Shrinking Market

Episode Overview:
In this episode of Laugh, Lend, & Eat, we sit down with Jeff Walton, CEO of Ingenius, live from NAMMBA Connect '24 in Orlando. Jeff shares insights on the role of data in the mortgage industry, the challenges lenders face in today’s market, and how technology is revolutionizing the way companies operate. With over 30 years of experience, Jeff discusses how data accuracy can make or break business decisions, the impact of AI on the lending space, and how Ingenius is helping lenders adapt and grow in an increasingly competitive environment.

Key Themes:

• The Shrinking Market of Loan Officers: Jeff discusses the significant reduction in the number of loan officers over the past few years and how that has impacted the lending industry.
• The Importance of Data Accuracy: Jeff explains how data accuracy is vital to lenders' success, and how Ingenius ensures precise data by blending multiple sources to give companies an edge.
• AI and Technological Breakthroughs: Jeff talks about how AI is accelerating the development of technology, compressing timelines, and how the next few years could bring rapid change to the mortgage industry.

Quotes from Jeff Walton’s Insights:

1. On the Shrinking Market of Loan Officers:
   "At the peak, we had around 182,000 loan officers, and now it’s down to 95,000. It makes all the sense in the world, the pie shrinks and everything shrinks in half."
   Jeff explains how the reduction in loan officers has affected the lending market and why this shift is happening.
2. On Data Accuracy:
   "Data is extremely messy. It comes from 3,200 different counties with varying processes and technologies. We take three sources of data and blend it with MLS and census data to make it much more accurate and granular."
   Jeff highlights the importance of data accuracy and how Ingenius creates reliable datasets that give companies a competitive advantage.
3. On the Future of AI in Mortgage Lending:
   "I think we're on the precipice of major breakthroughs with AI. What took 10 years before could happen in the next two. It's compressing everything, making it faster and more affordable."
   Jeff discusses the potential for AI to revolutionize the mortgage industry by accelerating technological development.

Call to Action:
Follow Laugh, Lend, & Eat for more insightful conversations with industry leaders. Learn from Jeff Walton about how Ingenius is helping lenders use data and technology to navigate a shrinking market and capitalize on new opportunities. Stay tuned for more discussions on the future of AI, data, and innovation in the mortgage industry!