Derek Long, COO of LoanPASS, discusses revolutionizing mortgage technology with flexible decisioning engines that handle everything from reverse mortgages to construction loans. He shares his 33-year innovation journey, unique use cases like FICO's 10T score integration, and his vision for AI-enhanced lending across all financial products.

7 Key Takeaways

1. LoanPASS enables lenders to configure custom lending products without engineering involvement, reducing implementation time from months to minutes for pricing changes.
2. The platform supports non-traditional mortgage products including reverse mortgages, construction loans, and non-QM lending with side-by-side comparison capabilities.
3. LoanPASS became the first pricing engine capable of ingesting FICO's new 10T score and demonstrating it alongside classic scores at industry conferences.
4. Derek Long emphasizes that AI should enhance data gathering and analysis but cannot make final lending decisions, requiring smart decisioning systems to maintain compliance.
5. The vision for LoanPASS extends beyond mortgages to become a universal automated underwriting system for all lending products including auto, business, and personal loans.
6. Client testimonials highlight LoanPASS as "the best tech company" partners have worked with, emphasizing both software capability and exceptional team support.
7. The mortgage industry needs technology that reduces costs and improves efficiency, not just changes for the sake of innovation.

Keywords

• LoanPASS
• Mortgage Innovation
• Product Pricing Engine
• Derek Long
• Automated Underwriting System
• Reverse Mortgages
• Non-QM Lending
• AI in Lending
• Flexible Decisioning
• Construction Loans
• FICO 10T Score
• Banking Technology

Chapters

00:00 Introduction to Innovation in Mortgages

01:10 Use Cases of LoanPass

04:43 Customer Experiences and Feedback

05:55 Futures Thinking: The Next Decade in Mortgages

08:42 The Role of AI in Mortgage Lending

10:30 Preparing for the Future of Lending