According to the first Mortgage Bankers Association (MBA) technology study previewed at this year's MBA National Technology in Mortgage Banking Conference and Expo, Phoenix, lenders are going to invest heavily in technology throughout 2004. Overall IT spending averaged $140 million, according to the study. This spending represented a significant increase over expenditures made in 2002. Between 2002 and 2003 there was a 24% increase in operating expenditures and a 153% increase in capital expenditures. Looking forward into 2004, the amount of investment in technology is nothing short of phenomenal. On average a 12% increase in the operating budget of last year is expected this year and a 47% increase in capital expenditures.
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