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I N D U S T R Y I N S I G H T / J A S O N A L L N U T T
In the 10 years since
Auction.com launched as
a brand, a lot has changed
in our industry. Both
traditional REO and
foreclosure sales have made
a paradigm shift in the way transactions are
handled. Ten years ago, real estate auctions
were once almost exclusively held on courthouse
steps. Today, the servicing industry has
embraced the online marketplace when it comes
to management of asset disposition—a shift that
has been exciting to be a part of.
A decade of experience provides a great deal
of perspective on how the industry changes
as consumer attitudes shift and how the best
companies in our space navigate the growing
recovery. Reflecting on the last 10 years, it's
astonishing to see the tremendous strides
made in virtually all aspects of our collective
businesses.
A TIME TO EVOLVE
In the decade since the financial downturn,
the home finance industry has benefitted from
numerous innovations, all designed to help
financial institutions better respond to the
driving forces of changing consumer needs and
demographics, new regulatory and investor
requirements, a changing economy, and a new
generation of homebuyers.
Many of these innovations were either
the result of or enabled by the widespread
availability of global online networks that
connected not only business partners, including
mortgage originators and investors but also the
industry to consumers. As early as the turn of
this century, consumers were turning first to
the internet to search mortgage interest rates
before reaching out to a lender, which they did
primarily offline.
Ten years ago, we saw the foreclosure rate
double, leading to as many as 50,000 homes
A DECADE
OF CHANGE
