Freddie Mac’s Loretta Ibanez: Innovating and Learning in a Fast-Fail Environment

first_imgSubscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Home Values Hit a Low in Suburban U.S. Next: The Week Ahead: Treasury Budget Forecasts Potential Rate Changes in Daily Dose, Featured, Headlines, News, Technology Tagged with: artificial intelligence blockchain distributed ledger FinTech Freddie Mac Innovation Loretta Ibanez Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago artificial intelligence blockchain distributed ledger FinTech Freddie Mac Innovation Loretta Ibanez 2018-02-09 David Wharton The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Related Articles Freddie Mac’s Loretta Ibanez: Innovating and Learning in a Fast-Fail Environment Share Save February 9, 2018 3,428 Views center_img Home / Daily Dose / Freddie Mac’s Loretta Ibanez: Innovating and Learning in a Fast-Fail Environment Servicers Navigate the Post-Pandemic World 2 days ago Freddie Mac’s Loretta IbanezIn your job as Mortgage Innovation Director, what does a typical day look like?We have always done innovation at Freddie Mac, but we’re making big investments and improving our Loan Advisor Suite for our customers. Beyond just the sourcing side, now we also need to turn our attention to reimagining the servicing side. We need to look at other technologies. We want to innovate and learn in a fast-fail environment.We’re bringing all the lean-design thinking and agile methodologies to work in the lab. A typical day starts with an early morning stand-up session with the whole lab, and then we go to anything from a challenge session on down payment assistance to sprint planning for servicing initiatives to working in my space. I’m working with vendors on artificial intelligence technology, collaborating with my IT partners, and also cloud strategy. I’m working on getting us to the cloud.There are many issues regarding how do you do that safely and how do we protect all of these borrowers’ privacy. We cannot break the public trust. We have to go to the cloud because of the speed and scalability that’s available, but you cannot do it in a way that’s going to compromise privacy. We are working hard to figure out how to leverage all the new technology to improve the customer experience, to make it cheaper and faster for our customers to originate and service loans and still do it safely.What are some of the most challenging issues when it comes to trying to move things to the cloud, other than the privacy side of things?We’re talking about an industry where, in all 50 states and at the county level, the real estate and lending laws can be different, and the foreclosure laws. Things are done on different forms. The data is not standardized, so bringing all these fantastic, wonderful technologies and tools to a very non-standardized process is going to be a challenge.There are now tools moving in the direction of the democratization of artificial intelligence, and there’s been a lot of progress in that area. There’s been a lot less progress in figuring out how to integrate all these disparate data sources in a meaningful way so you’re not just getting noise out of the AI. You want to actually find signals in the data that you can do something with.What are some of the other technologies that you’re seeing that you think are poised to really have a big impact on the industry?I am a big believer that technology is fantastic and it can change people’s lives, but you need to know what problem you’re trying to solve. It starts right there. What problem are you trying to solve, and we need to be crystal clear about that.At Freddie Mac, we want to drive down our customer’s costs. We want to help them do that. We want to help them shorten the amount of time it takes to originate and service loans, and we want to take the friction out of the process.We have been told that entities like the Gates Foundation have funded a company to use blockchain and distributed ledger technology for medical records. They’re doing these things. It works. The question is, how do you make it work at scale, how do you make it perform, how do you do it affordably, and oh, by the way, how do you do it in an ecosystem where everything has to network and talk together?So, distributed ledger and blockchain is one thing. It’s not just an application for cryptocurrency. I think there are tremendous ways [blockchain] could be used in sourcing, servicing and nonperforming loans across the value chain.Robotic process automation—think of all the manual handoffs where there’s a person sitting in between two systems. There are huge opportunities there, and this not even disruptive technology. That’s system-to-system automation.I love the machine learning applications. That’s sort of from my background because I started as a finance person, but I really am just blown away by what we can do with the machine learning. It’s just amazing.What do you wish more people understood about your job?People come to Freddie Mac and stay, and there’s a reason. People are passionate about making sure that we have a strong housing finance system, and making sure that our customers are successful. We are rooting for each other because we are all trying to serve our customers and we want to make it better for our customers and for the country. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago For more insights into the technologies that are poised to impact the industry, check out the March issue of DS News, out soon.   Print This Post Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: David Whartonlast_img read more

Matthew James Thomas Looks Back on His Pippin Journey

first_imgIn the corporate world, employees leaving a job are asked to sit through an “exit interview” with HR about their time at the company. Although that concept doesn’t exist for Broadway performers, we think it’s fun to check in with stars as they finish up a successful run. Matthew James Thomas will say farewell to his corner of the sky on March 30, when he departs the Tony-winning, circus-inspired revival of Pippin. As he leaves the big top behind, Thomas reflects on his “transformative, isolating and inspiring” year on Broadway. Star Files Pippin How do you feel now that you’re leaving? Excited, sad (of course) and like I’ve grown a few extra backbones. What will you miss most about the job? This life, so far, has left me with rather severe nostalgia. That feeling of the deep bone grind, that impossible last performance of the week when you already gave everything you had at the matinee performance and somehow you know you will find it again, from absolutely nowhere, because you have to…it’s the rules…your rules. I will deeply miss the audience as I have never really felt such a deep and intuitive connection with them. I’m the luckiest guy alive to share in the responsibility of a production. It is what I live for. I hope to “find it” again someday, and of course have no certainty. Pippin is an incredibly smart piece of work, and this version of the show, in particular, truly serves to carve out the most important statements that it makes. It will hurt to be away from such a profound piece of theater made up of such an inspirational, superhuman cast and crew. What advice would you give to future employees in your job position? Eat lots of protein… Love and listen as hard as you can. What was the hardest thing? The physical and mental exhaustion—and always being the guy saying, “Sorry, I can’t come out tonight.” What was the easiest thing about the job? Listening to it and working with some truly incredible people. I’d start naming names but I’d be here forever. Falling into the show in ways I would have never predicted. Every day was a new challenge. View Comments What was the highlight of your time at this job? Those moments in live theater when everything comes into alignment and when every element (including the audience) comes into an effortless being with each other. What skills do you think are required for future job applicants? One of the hardest things I’ve encountered whilst working on Pippin is the consistent irony, as a reflection from the core material of the show, within my own life. However, I learned a lot along the way, so I would say whatever you have to offer, whoever you are… Yeah, do that.center_img How do you think you’ve grown during your time at this job? Like a beanstalk—well at least it feels that way. I’m grateful most of all for the experience, the everyday and the accumulation of it all. To me it feels like the greatest gift of living. Why are you leaving? It’s just time. I need to regroup with my family and I sure would like to see my girlfriend [fellow Spider-Man alum Jennifer Damiano] some more. Also, I can’t live with the idea of the experience or my performance getting stale. I feel like I have given everything I had, to every single show, and I wouldn’t want it to be any other way. So I try to trust my instincts—I always find myself wanting to take risks and make myself available for new challenges and to give everything I have to the work that I’m doing, when I’m doing it. Job You’re Leaving: Pippin in Pippin Related Shows Employee name: Matthew James Thomas What are three words you would use to describe your experience at the job? Transformative. Isolating. Inspiring. How did you feel when you first got the job? Thrilled, nervous and ready. Show Closed This production ended its run on Jan. 4, 2015 Matthew James Thomaslast_img read more