mortgagetech

Mortgage Technology Awards

FREQUENTLY ASKED QUESTIONS ABOUT MORTGAGE TECHNOLOGY’S 2010 TECH AWARDS

Q: What are the 2010 Tech Award categories?

A: Our nine award categories for 2010 are:

THE 10X AWARD: goes to a company, product or technology application having an exponential impact on mortgage lending.

THE FIX-IT AWARD: goes to a technology tool providing an effective solution for a particular industry problem, need or channel.

THE LASTING IMPACT AWARD: goes to an individual, group or company responsible for a technology initiative or development that has proven to have had a lasting impact on mortgage lending.

THE RELEASE OF THE YEAR AWARD: goes to the launch of a technology product, platform, alliance or initiative that seems likely to have the broadest impact on mortgage lending going forward.

THE STEVE FRASER VISIONARY AWARD: goes to an outstanding mortgage technology innovator, visionary or evangelizer.

THE SYNERGY AWARD: goes to technology initiatives and alliances that show exemplary interoperability in a production setting to advance the cause of automation and e-commerce.

THE INNOVATIVE LENDER AWARD: goes to the lender that doesn’t just use technology to follow the market, but to both innovate and lead the market of the future.

THE CUSTOMER-FOCUSED LENDER AWARD: goes to the lender that uses technology to provide a better, more transparent process for borrowers.

THE GREEN ORIGINATOR AWARD: goes to the lender that has used technology to create a paperless origination process in an effort to further both business goals and help the environment.

Q: What criteria are used to determine the winners?

A: Each year losing companies complain that they should have won the competition. We acknowledge that this is a subjective competition, as are most competitions, and that other judges viewing the same information may make different choices, which is why we don't give out a first, second and third prize, there's one winner and the other two finalists get an equal commendation.

In effort to fully explain the process, and provide some tips to companies or individuals thinking about entering, here's how it works:

1.) The judges read over and evaluate each entry in deciding who should be in the top three in each category. It's important that the initial entry be as detailed as possible. If we don't get enough information in the entry it won't stand out. Also, be sure you know the category and tailor the entry to the category. For example, as described above the Release of the Year Award goes to the launch of a new technology product, platform, alliance or initiative that seems likely to have the broadest impact on mortgage lending going forward. An old product that has not been updated would not qualify for this award. Similarly, the Steve Fraser Award goes to an outstanding mortgage technology innovator, visionary or evangelizer. We look to honor an individual here, so don't enter a company. Clear documentation supporting the case coupled with an understanding of the category to which you are applying will make your entry stand out.

2.) We inform the three finalists who they are and who their competitors are. At that point we give the individuals or companies another three weeks to provide additional information. Remember, this competition is tough. In order to win the company or individual has to be prepared to constantly supply additional supporting information in order to help us make an informed decision. Companies that just put in an application and think that they've done their part will not win the award in question.

3.) In addition to relying on supporting information from entrants, the judges informally call trusted industry sources. We realize that we can't possible know everything about every company in the space so we call on the experts to provide their opinions. In most cases we call on past Steve Fraser winners to get their insights into the three finalists in each category. These sources are not given an actual vote, but their opinions do hold weight with the judges.

4.) Finally, the three judges, Anthony Garritano, Scott Kersnar and Mark Fogarty, vote in each category using their personal knowledge of the space, the award entry in question, the added supporting information supplied and testimonials from industry sources in making the final decision.

Q: Are there any changes in the awards for 2010?

A: No.

Q: Who may enter?

A: Participation in our awards contest is open to all mortgage industry professionals and companies, including lenders, servicers, brokers, vendors and service providers.

Q: How does a company or individual enter the contest?

A: All entries must be submitted electronically via the Mortgage-Technology.com website by June 30 of each year. Nominations are now closed.

Q: Is there a fee to enter?

A: Yes. We are charging a non-refundable $350.00 entry fee per entry (maximum of two entries permitted per year) to defray the rising cost of administering the contest and holding the awards ceremony. While that entry fee will not cover all of the costs, it enables us to stay within a reasonable budget to administer the contest.

Q: How do I verify that my entries have been received?

A: Inform the judges (Anthony Garritano, Scott Kersnar or Mark Fogarty) that you have made your award submissions, ask for verification that your submissions have been received and entered into the contest, and be sure to get feedback before the June 30 deadline that your award entries contain all necessary information.

Q: If we want to make changes to our entry, do we have to pay any additional fee?

A: No, you only pay once. To make changes you just email your amended information to the judges (Anthony Garritano, Scott Kersnar or Mark Fogarty), in the same way you email us additional documentation to support your entry.

Q: When are the awards announced and presented?

A: Our annual awards are announced each year at the MBA Annual Convention and in the October issue of Mortgage Technology after the judging process is completed between July and September. Award plaques are presented at our annual ceremony.

Q: Can anyone nominate a company or individual for an award?

A: Yes. However, more than 90% of entries are made by the companies or individuals themselves. The nominees must document their own entries and provide the name and contact information (phone and email) for a single employee to act as the sole contact person with us during the contest period.

Q: How many award categories can an individual or company enter in any given year?

A: As stated above, entrants are limited to two categories per year. We found that the contest becomes unmanageable if we allow entrants to shotgun the process.

Q: In announcing the winners, you also commend two other contestants in each category. Are those commended companies your second- and third-place winners?

A: No. Our commendations stand alone in recognition of excellence. We make those commendations to acknowledge that we seldom have the opportunity to make apples-to-apples comparisons between direct business competitors. We know that picking our winners is a judgment call; given the same opportunity, other judges might have picked other winners.

Q: What companies have won in the past?

Click here to view the complete list of past winners.

Q: Can you offer any tips on winning?

A: Be sure your contact person stays in touch with us early and often if you expect to win. It is safe to assume that all the entrants believe they deserve an award. However, it is not enough to be deserving. We have discovered that our winners all tend to make a continuing effort to stay in touch with us before, during and after their initial entry to make sure they DOCUMENT their case as closely as possible in line with the criteria for each award. Obviously, subscribing to Mortgage Technology gives contestants an edge in understanding how the contest works. Our readers know which companies have won in the past and what we have said about the contest in earlier articles and editor's notes.

Q: If we use an outside public relations firm to handle our contest entry, does that help us or hurt us?

A: That depends on how you and your public relations firm work together. Since your first task is to 'put your best foot forward' as you make your initial entry into the contest, using professionals to market your case can be a very good first step. A good account executive also will make sure to keep in touch with us throughout the process to find out what kind of competition you face and how your entry stacks up. As the contest intensifies in the later stages, however, you may need to document your case with a level of detail beyond the information you initially supplied to your public relations person. At that point, you may need to call in the right personnel from your own company to show us how your entry matches the criteria for a particular award better than the documentation other entrants supplied to support their entries.

Q: When and why did Mortgage Technology begin giving out these awards?

A: Our awards were inaugurated in 2000 after we set out to expand our annual "Dream Team" of worthy mortgage professionals. Looking for broader, more objective award criteria, we asked a number of mortgage professionals some basic questions: How does technology really help mortgage lenders do things better, faster and cheaper? What constitutes a useful technology tool? Which technology tools really do break logjams in the process of creating and handling a mortgage? What we wanted, we told the people we queried, were awards more in line with baseball's Golden Glove Award for excellence in fielding. Though not every baseball player or fan may agree with each year's choice of winners, they all understand the criteria for selection; they know which fielding positions require the most skill; they can name some likely winners. Managing this contest helps sharpen our perception of practical excellence in mortgage technology. The payoff for us in offering the Mortgage Technology Awards is the opportunity to write better stories.

CONTACTS

For information regarding the contest, award criteria and judging please contact:

Mark Fogarty

212.803.8226

mark.forgarty@sourcemedia.com.

For information regarding event logistics, please contact either:

Lauren Kanzler

212.803.8784

lauren.kanzler@sourcemedia.com

Jeff Jowdy

212.803.6598

jeff.jowdy@sourcemedia.com   

For information regarding event sponsorships, please contact

Tim Murphy

212.803.8760

timothy.murphy@sourcemedia.com