July 11, 2019 – After many lean decades, the mortgage ecosystem is finally transitioning from ‘tech famine’ to feast. While long awaited, it brings a new set of challenges.
We are in the midst of a Tech Blitz, a constant barrage of new technologies and applicability from long-familiar vendor names, as well as newer service providers in our space. Interestingly, many potential buyers are as uneasy as ever. Angst has shifted from having too few innovative tech options to now sifting through reams of demos, decks and due diligence tasks. Better off, yes--but angst remains.
See our monthly article within the Mortgage Bankers Association (MBA) Insights publication. Find it HERE.
A Quick Summary:
- Despite a rapidly growing menu of technologies and vendors, adoption is slow. We give our perspective on reasons why
- There is a sense of being overwhelmed and confused – a lot to sift through
- Avoid the headlines, often contradictory and irrational
- We also share our thoughts on what will trigger faster adoption
- Where's the return on investment (ROI)?
There is no doubt we are in our infancy in this tech revolution. Today, we celebrate when a single lender processes a single loan in a “fully digital” environment - - whatever that means. As an industry, we don’t yet have a formal definition of 'fully digital.' This early clumsy stage, like a puppy growing into the size of its feet, won't last long. Venture capitalists are placing huge bets in our technology landscape, and they will surely help kick-start deployments. The return of private investors would also have major impact, generally viewed as rewarding innovation more than other market participants.
Lastly, the article provides some advice and key considerations on how to approach your digital journey.
Thanks for reading.