The 2023 tech rundown for mortgage organizations

June 30, 2023 9:04 AM

Enjoy complimentary access to top ideas and insights — selected by our editors.

Even with a recession looming, mortgage companies are planning to invest in new technology, with a majority of organizations surveyed saying they expect to increase their tech spending in 2023.

Arizent, publisher of leading brands in financial and professional services, conducted original research to find out which types of technology mortgage companies are focusing on in the current economic climate and the key factors that are likely to impact their spending decisions.

This research was conducted online in December 2022 among 87 respondents with knowledge of and/or involvement in their institution's tech initiatives.

Scroll through to find out what the research reveals.

MORE FROM NATIONAL MORTGAGE NEWS

FHFA

FHFA request for input eyes Federal Home Loan Banks' role

The agency seeks the public's thoughts on how the regulatory statement governing FHLBanks could better reflect the part they play in housing finance.

By Bonnie Sinnock

6h ago
Originations

UWM announces 0% down purchase product

The assistance is available for borrowers with sub-620 FICO scores with earnings less than 80% of the Area Median Income, or first-time home buyers with no restrictions.

By Andrew Martinez

8h ago
Servicing

VA delinquencies jumped following call for foreclosure ban

Late payments on VA loans were up markedly within the first quarter, in contrast to other products, according to new Mortgage Bankers Association data.

By Bonnie Sinnock

9h ago
Mortgage rates

Mortgage rates keep sliding after inflation report

For the second consecutive week, rates for the 30-year fixed rate mortgage declined as the Consumer Price Index report was better than expected.

By Brad Finkelstein

May 16
Credit scores

Data issues may thwart expanded underwriting, coalition fears

Industry organizations indicated they want to be ready to analyze an advanced credit metric in early 3Q in line with FHFA plans, but they see some roadblocks.

By Bonnie Sinnock

May 16
Mortgage technology

UWM launches AI-powered broker chatbot

The platform, akin to ChatGPT, was developed in partnership with Microsoft, Google and OpenAI.

By Andrew Martinez

May 16

The 2023 tech rundown for mortgage organizations

Mortgage organizations are reassessing how they implement tech changes due to economic factors.

Despite economic headwinds, many mortgage companies are still investing in technology.

They are also mostly increasing or maintaining IT headcount.

76% of mortgage companies fall in early adopters or the early majority when it comes to tech adoption.

The most active tech priorities are fraud mitigation, enhanced security and data collection/analytics.

Cost pressures, compliance and ease of integration are driving these active tech priorities and investments.

Nearly 60% of organizations are investing at least moderately in leveraging IoT devices.

Mobile first is a mantra for many mortgage professionals when it comes to customer-facing tech.

Firms cite digital platforms, mobile apps and cloud-based apps as having the most transformative potential.