Lenders reveal why they upgrade their mortgage tech

Survey shows lenders not concerned with cost

Mortgage lenders are increasingly looking to implement more mortgage technology, and now revealed their top drivers when implementing this technology.

A joint survey conducted by HousingWire and Maxwell, a winner of HW’s Tech100 for the second straight year, showed what mortgage lenders consider when implementing mortgage tech, and what is not as important.

Data from the survey previously showed that nearly 57% of lenders said implementing technology went slower than expected. Another 32% said it went faster than they expected, while 11% said it went as expected.

And data from that same survey showed that just 14% of lenders do not currently have a digital mortgage, and a full 36% do not use a borrower portal.

And now, mortgage tech is becoming more important than ever as the cost to originate a mortgage continues to climb to ridiculous levels.

While some of the top reasons will come as no surprise, others could be less expected. For example, only 15% of lenders said cost was a factor in implementing new mortgage technology.


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