The Mortgage Technology awards program this year was a huge success. Specifically, we got great applications, interest and participation. The actual Awards Ceremony held at the MBA Annual drew over 200 people including lending executives, vendors, consultants, marketing and public relations specialists and a variety of different service providers. Throughout this blog you'll see photos of me with friends that attended the actual ceremony.
We at Mortgage Technology magazine are both happy and proud to see how the awards have grown in terms of their significance, relevance and overall impact on the industry. While the award categories may have changed to reflect the changing marketplace, our commitment to honoring the best and brightest in this space has been unwavering. In keeping with this tradition, this year one thing about the awards will change.
Usually the competition starts in January, but we've decided to open the competition effective immediately. To apply go
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, 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, myself, 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.
Overall, as lenders feel the liquidity crunch, technology can be a helper. While having the greatest technology won't keep a poorly funded lender from going under, making wise technology decisions now can help the average lender be more agile in a very challenging market. So, through these awards we at Mortgage Technology magazine seek to highlight those companies, including both vendors or lenders, that are realizing the most significant business benefits through the use of technology. If the technology hasn't paid off for the user, it won't be getting an award from us. Even those awards that go to individuals like our Steve Fraser Award and the Lasting Impact Award, honor how those individuals have had a real impact in this business through technology.
After all, if the technology isn't benefiting the industry, why recognize it? Each year judging the categories and picking winners becomes more difficult as both the delivery and usage of technology becomes more advanced. We're happy to continue to take on the burden of judging in order to continue to showcase the fact that the industry shouldn't fear new and proven technology. There's still a lot more education that has to be done around concepts like e-mortgages, e-closings, etc., but through holding this contest and giving out these awards, Mortgage Technology magazine puts the spotlight on technology that is helping the industry move forward in these areas and is delivering real business results today. On a personal note, this year's Awards Ceremony was significant for me because it marked my debut as the new editor of Mortgage Technology magazine. I'd like to take this opportunity to thank all those that have helped me along the way. A reporter is only as good as his contacts and friends.
So, what do you think about the awards and the magazine? Let me know. I'm listening.
