When asked what an average day is like for her, Tracy Stephan, Director of Enterprise Innovation for Fannie Mae, laughs and replies, “I think we don’t have any average days in Innovation.” As head of Fannie’s Enterprise Innovation Team, Stephan says her focus is to “bring external insights and research into the company and share it broadly with employees.” Her position requires her to stay on top of the trends, to listen to Fannie’s business partners and understand the “pain points” they’re encountering in their own day-to-day operations.In her role as Director of Technology—Enterprise Innovation, Stephan helps Fannie create pilot programs designed to address these “pain points” and test out solutions, or experiment with other new technologies or systems, usually during a window of around three months’ time. “If it’s something that meets our requirements and we feel is worthy of being rolled out or scaled,” says Stephan, “then we would follow tradition IT methods to transition and roll out to production.”Stephan spoke to DS News last week at the Next mortgage technology conference in Dallas, Texas. She was one of several noteworthy guests from across the mortgage, housing, and fintech industries. On Thursday, she spoke before the conference on emerging fintech trends and their impact on mortgage lending.So, how do Fannie’s pilot programs work? Stephan explains that the programs usually begin with a problem one of Fannie’s customers is seeing, and trying out a potential solution or new system that could help solve it, prioritizing test programs that could help build the customer’s return on investment or shorten the lifecycle from application to close. “We do not just say, ‘Shiny new object, let’s go run with that,’” says Stephan. “So we really try to maximize the value for the start-up, as well as the Fannie Mae team to make sure that we are actually doing something of value which could have the potential to scale and lead to lasting impact.”When asked what technology trends she was seeing that had the potential to have a real impact on the mortgage and housing landscape, Stephan pinpointed one commonality: a focus on improving the customer experience. “Our customers are our lenders, our servicers, and our investors,” said Stephan. “What it means for Fannie Mae is that we need to invest in our Application Program Interfaces that make it easier for [our customers] to interact with Fannie Mae. How can we reduce that burden with technology?”Stephan added that “You can’t talk emerging tech without talking about blockchain.” Stephan said that Fannie has been examining blockchain’s potential a lot in recent months, but added that she believes the technology’s real transformative potential is still a little bit down the road at this point. “The first rule of blockchain, in my mind, is if you don’t need to use blockchain, don’t use blockchain.” Stephan says she believes the industry is at a point where it’s time to discuss about how blockchain can best be used in the mortgage industry, but those questions have to be answered before the technology can really begin to reach its full potential within the industry.“It’s coming down off its peak of the hype cycle,” Stephan continued. “I think people have to sit back and say, ‘What is the pragmatic ability for us to actually implement that technology?’ I think it’s just managing people’s expectations. … In my job, I have to be able to get excited about the art of the possible.”One of the projects Stephan was keen to highlight is the Sustainable Communities Innovation Challenge. The Challenge is a two-year, $10 million investment into exploring new ideas about how to advance sustainable communities—as Fannie’s official site for the Challenge describes them, “those providing residents opportunities for employment, health and wellness, and education.”The first phase of the initiative launched in December 2017 and runs through February 23, 2018. To learn more about Fannie’s Innovation Challenge, click here.When asked what one thing she wishes more people understood about her job, or about Fannie in general, Stephan keeps it simple. “We are here to improve home ownership and get more people into homes.” Stephan says Fannie is passionate about expanding the supply of affordable housing however they can, “whether it’s through technology or investment or just being a partner at the table to move ideas forward, we want to be there.”To stay on top of all the cutting-edge discussion and developments in the realms of fintech, be sure to register for the first inaugural Five Star Fintech Summit, set to be held March 21-22 at the Renaissance Nashville Hotel in Nashville, Tennessee. To learn more and see the lineup of panels and guests, click here. Demand Propels Home Prices Upward 2 days ago blockchain Enterprise Innovation Fannie Mae FinTech Innovation Challenge NEXT conference NEXT mortgage technology conference Tracy Stephan 2018-01-22 David Wharton Demand Propels Home Prices Upward 2 days ago January 22, 2018 2,120 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Art of the Possible in Mortgage and Tech Share Save The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: David Wharton Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Congress Passes Stopgap Spending Bill to End Government Shutdown Next: Growth in Home Prices Might Slow Down in 2018 in Daily Dose, Featured, Government, Headlines, Journal, News The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Home / Daily Dose / The Art of the Possible in Mortgage and Tech Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: blockchain Enterprise Innovation Fannie Mae FinTech Innovation Challenge NEXT conference NEXT mortgage technology conference Tracy Stephan Print This Post Subscribe
A couple of weeks ago, I set out to run the length of Shenandoah National Park on the A.T. While the distance (107 miles) was daunting, I had run that far before and figured the goal was achievable. Although it was to be a solo effort, the close proximity of the trail to Skyline Drive meant that there would be plenty of opportunities for crew support. My husband Mark agreed to follow along on the road and meet me every 4-6 miles with encouragement and refreshments. Early Saturday morning we packed the car and drove up to Front Royal; six hours later, I was off on my adventure.For the first twenty or so hours of my run, I felt great – confident and happy to be on the trail. It had been a hectic week, so the opportunity to spend hours alone in the woods was a real luxury. Midway through the second afternoon, however, the euphoria had worn off and I was over it. Exhausted and worn down by the miles, as well as the heat and humidity, my spirit was broken. When I met my crew at mile 88, I informed them that I was calling it a day. Shock and disbelief filled Mark’s face as he encouraged, cajoled, and even begged me to continue, promising that I’d get a second wind and would feel better in a few miles.No such doing – I had made up my mind and felt okay with my decision. I assured him that I would not regret the choice.Fast-forward twenty-four hours (or maybe it was only twelve) and I’m doing what all runners recovering from a DNF do: planning my next attempt and struggling to make sense of my decision to pull the plug. I’ve been running and racing for 31 years and have DNF’d exactly three times, all due to significant injury. This time, I wasn’t injured – just hot and exhausted. What made me quit? Am I getting soft in my old age? And is it okay to accept defeat sometimes? I challenged that trail to a duel and I lost. It happens…but usually not to me.As I’ve processed this experience, one thing that I’ve realized is that the fact that this was a solo journey, rather than an organized race, made it easier to quit. Knowing that I had no one to answer to other than myself made stopping seem like less of a big deal. That, in turn, raised questions of why I run and for whom. It’s not easy to admit that part of the reason I push beyond the pain and discomfort is for the accolades I’ll receive from others. Big victories and course records garner a lot more attention than solitary excursions. It is far more difficult to persevere knowing that my accomplishment (or failure) will be unknown except to those closest to me. 1 2
ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The external risk environment continues to become ever more complex. In the past decade alone, risk managers at financial services firms have had to contend with waves of comprehensive new regulation resulting from the financial crisis, confront increasingly sophisticated fraud and financial crime schemes, and grapple with the threat of business-crippling cyber-attacks – all while managing traditional financial and operational risks.The pace of change shows no signs of slowing down, with technology evolving faster than risk managers’ ability to keep up. In our new study of nearly 700 risk management executives in the global banking, insurance and capital markets sectors, we found that nearly three-fourths (72%) of respondents confirmed that complex, interconnected and ever-changing new risks are emerging more rapidly than ever before.To address on-going challenges to the bottom line and remain competitive against new entrants and the changing shape of customer needs, the financial services industry is rapidly embracing new technologies, to increase their effectiveness and be ever more connected and agile in how they operate. continue reading »
By Amlan ChakrabortyDHARAMSALA, India- (Reuters)-Australia skipper Steve Smith’s third century of the series and India spinner Kuldeep Yadav’s memorable debut left the fourth and final Test between the teams evenly poised on Saturday.Smith, comfortably the leading scorer of the series, made 111 as he and David Warner, who scored 56, added 134 runs for the second wicket to help Australia dominate the morning session after opting to bat.Left-arm wrist-spinner Yadav, an inspirational selection in India’s bold move to go with five bowlers, led the hosts’ strong comeback in the post-lunch session when five wickets tumbled for 64 runs.Matthew Wade made 57 down the order to help Australia reach 300 before the tourists folded leaving India to bat the final over of the day, a maiden one from Josh Hazlewood.Wade conceded Australia lost an opportunity to post a bigger total.“(Australia were) one for 140, so after lunch you hope to push but credit to the Indians who bowled really well through the middle session,” he told reporters.“We had to find a way to grind out 300. To get there in the end was a good effort.”Openers Lokesh Rahul, who faced all six deliveries from Hazlewood, and Murali Vijay will hope to give India a strong start when they resume today.The hosts received a jolt even before a ball was bowled when regular skipper Virat Kohli was ruled out of the match with a shoulder injury he had sustained in the drawn third test in Ranchi.Bhuvneshwar Kumar, replacing fellow paceman Ishant Sharma, swung the first ball of the match to induce an edge from Warner but Karun Nair spilled it at third slip.India did not have to wait long for the breakthrough though.In the next over, Umesh Yadav pushed one through Matt Renshaw’s gate and pegged back his off-stump to dismiss the opener for one.Smith and Warner laid the foundation for a big first innings total with a century partnership during which Smith’s characteristic fluency contrasted Warner’s scratchy knock.Warner brought up his first fifty of the series after Smith had reached his own, before Kuldeep led India’s fightback after lunch with brilliant display of wrist-spin bowling.The 22-year-old generated extra bounce and the ball flew off the shoulder of Warner’s bat en route to India’s stop-gap skipper Ajinkya Rahane at slip.Umesh dismissed Shaun Marsh for four before Kuldeep (4-68) returned to further torment the tourists.The Uttar Pradesh player disturbed Peter Handscomb’s stumps and then bamboozled Glenn Maxwell with a brilliant googly to peg back Australia.Smith brought up his 20th Test century in 150 balls to steer Australia past the 200-run mark before edging Ravichandran Ashwin to Rahane in the slip.Smith faced 173 balls during his composed knock, hitting 14 boundaries.Wade and Pat Cummins, who made 21, defied the Indian bowlers for nearly 13 overs before being separated.“All four wickets are special but I guess the first wicket (of Warner) was important from the team’s point of view,” Kuldeep said.“They did not take a chance against me and were largely content taking singles. I didn’t face any problem.”The four-Test series is level at 1-1.AUSTRALIA 1st inningsD. Warner c Rahane b K. Yadav 56M. Renshaw b U. Yadav 1S. Smith c Rahane b R. Ashwin 111S. Marsh c Saha b U. Yadav 4P. Handscomb b K. Yadav 8G. Maxwell b K. Yadav 8M. Wade b Jadeja 57P. Cummins c&b K. Yadav 21S. O’Keefe run out (Saha) 8N. Lyon c Pujara b B. Kumar 13J. Hazlewood not out 2Extras (b-1 lb-10) 11Total (all out, 88.3 overs) 300Fall of wickets: 1-10 M. Renshaw,2-144 D. Warner,3-153 S. Marsh,4-168 P. Handscomb,5-178 G. Maxwell,6-208 S. Smith,7-245 P. Cummins,8-269 S. O’Keefe,9-298 M. Wade,10-300 N. LyonBowling: B. Kumar 12.3 – 2 – 41 – 1,U. Yadav 15 – 1 – 69 – 2,R. Ashwin 23 – 5 – 54 – 1,R. Jadeja 15 – 1 – 57 – 1, K. Yadav 23 – 3 – 68 – 4.