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24 Journal ARE ONLY MORTGAGE EXPERTS ALLOWED IN THIS TOUGH MARKET CYCLE? By Wendy Lee, CLO, Sagent Today's tough mortgage and fintech cycle raises questions about what kind of resumes individuals need and what kind of talent companies need to survive and thrive. Are pure technologists or mortgage experts best suited to today's challenges? I think both are needed, but mortgage experts have a slight advantage. Let's break it down to see if your mortgage resume is fit for the fintech era. Two Ways to Build Tomorrow's Mortgage Talent It's easy for those of us who've been in the industry for decades to say that it's too nuanced for outsiders. But new people are always needed, and we can view this in two ways. First, we should remain open to the tech-disruption narrative that says outsiders bring fresh perspective. It's easy to dismiss this by questioning the relevance of, say, a retail e-commerce tech pro coming into mortgage. However, they've seen full innovation cycles in their world that we haven't fully seen yet in ours. Retail innovation happened faster and sets the tone for consumers now expecting to manage their entire lives from a smartphone. We haven't fully seen this across originations and servicing because innovation took longer in our highly regulated world. But from where I sit at Sagent, where we're now leading consumer-first modernization of servicing, our industry needs tech talent that has already led a few rounds of consumer-first innovation. It's a net win for us to bring in these seasoned technologists, train them on mortgage technicals, and mold them into fintech pros. Which brings up the second point: we must do the same thing with early-career talent. As a mentor to many who are earlier in their careers, I tell them a tough cycle like today is better to learn in. is is especially true in mortgage servicing, which gets even more technical in down cycles. Default management is full of nuances across forbearances, loan modifications, and judicial vs. non-judicial foreclosures—this is granular work that involves consumers, banks, lenders, investors, regulators, lawyers, title companies, appraisers, and, of course, a whole ecosystem of fintech software solutions. It's up to all of us to groom the next generation of mortgage experts, whether those are folks from other industries or younger team members already in the mortgage space. As we know, this isn't an industry that's taught in universities. It's taught in the trenches. My Path From Mortgage Lawyer to Fintech Exec is is why I commit so much time to mentoring. I've spent most of my two-decade mortgage career at law firms, representing lenders on issues pertaining to foreclosures, bankruptcies, and property-related litigation. is included managing scale foreclosure operations during the fallout from the global financial crisis. All the while, I observed the tech disruption washing over other industries, saw what it did to the unprepared people and companies, and didn't want that to happen to me or our industry. So, I got involved in digital transformation and the role of technology in making things better for mortgage operators, consumers, and investors. It was very organic and definitely a learn-in-the-trenches approach. e same approach led to my current career chapter as Chief Legal Officer for Sagent. I had been observing the innovation progress in mortgage originations and noticed how Sagent was laser-focused on bringing that same progress to mortgage servicing, where lenders manage and grow lifetime relationships with homeowners. e rest was good old-fashioned hustle to network and find a way to this next opportunity. Is Your Mortgage Resume Relevant for the Fintech Era? Only now that I'm almost a year into the job am I asking myself whether it was more the mortgage or the fintech expertise that got me here. For now, my answer skews toward mortgage expertise. I was able to pick up on the fintech part because, as noted above, I have maintained a long-term lens on the impact of technology in mortgage. ere's also maybe a third dimension for me which is the after-hours curiosity and exposure to technology-related startups. Having an observant eye watching innovation in other spaces gave me context: how a startup unfolds as a founder conceives an idea, obtains funding, deploys said funding into constructing said idea, and then moves the status quo into a better experience for users, customers, and industries. Either way, you can see from my example how exploring your own skillset, curiosity, and long-term interests can help you find or fine-tune your path. So, I'll leave you with two pieces of advice. First, don't ever think you don't have the right experience. Markets, policymaking, mortgage operations, and the fintech software that powers it all is always evolving in real- time. Experience is gained daily. Second, don't think this or any other market cycle will run you over. If your head is in the game and you're ready to solve tough problems, a tough market cycle should be your best chapter. is is doubly true as the servicing innovation era converges with the market cycle turning. Opportunities abound for those always working to keep their mortgage resumes fit for the fintech era. Wendy Lee is EVP, Chief Legal Officer of Sagent. SPONSORED CONTENT