Is Mortgage Technology Dead?
Writen by on January 04, 2023
This crazy-ass question was asked to me by a salesperson at a major mortgage technology company. I don't believe so - mainly because mortgage technology has not penetrated most mortgage lenders in the US. By the way - Happy New Year! I hope everyone enjoyed the holidays. It generally felt like the last big shebang as we prepared for the battle of 2023. Mortgage technology is continuing to evolve. I know this because Mortgage Advisor Tools is expanding its category offerings, meeting with new tech companies, and seeing traffic upticks regularly. Here are a couple of updates Mortgage Advisor Tools is working on to help support the mortgage industry.
1. Category Expansion – Defining mortgage technology categories are essential to help lenders find tech that solves their problems. We must ask – what are people searching for exactly? What are the keywords and phrases that are being used? Who fits into these categories?
2. New Commercials – Our commercials are fucking awesome, and if you haven't seen a Mortgage Advisor Tools commercial – get your ass over to YouTube immediately and check them out. You can expect a couple more to drop soon. The goal is to highlight the pains that mortgage lenders and loan officers experience and how technology can solve these challenges.
3. More Content – We have a different perspective and what is believed to be a less biased perspective than most. Why? We haven't completely sold out yet. We work extremely hard to maintain a level of public neutrality on the viability of mortgage technology. That said, when we write opinions or op-eds, it isn't motivated by the all-mighty dollar. We want to provide more insights on mortgage tech news, public relations, and mortgage technology companies as regularly as our little fingers can type.
Let's get back to the question.
No, not dead. However, if mortgage technology fails to show lenders exactly how it will drive revenue, efficiency, or business impact, it will be exceedingly hard to generate new sales. The mortgage industry must continue innovating and working towards a more automated existence. Generation Z won't tolerate it. Technology should empower lenders to navigate the market. There is no doubt it will change again.
While lenders must innovate, technology companies must simplify their messaging to help lenders understand their solutions. Lenders are avoiding redundancy and "luxury" services. If tech is perceived as "nice to have" but unnecessary, it won't be purchased. Solve big problems quickly and state them as plain as day, and lenders will be lining up to sign up. Mortgage technology is not dead or on life support, but it may have a bit of a limp. It is all correctable, but we must strap on our helmets and remember that we all strive towards the same goals.