MBA and Celent: Technology Spending Survey 2018, Loan Origination Process
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Mortgage technology innovation and IT investment opportunities continue to grow as the industry strives to digitize its front office customer engagement and middle/back office processes. Each year, however, lenders struggle to prioritize and budget for only those technologies that will impact their business. In addition, technology solution providers need to prioritize their research and development, marketing, and sales budgets for annual and long-term planning. Finally, customer usage is a key investment factor for many digital investments, such as digital POS solutions, customer communications management, loan status, and customer service. Comparative benchmarking analysis is a critical input to prioritizing investments as the mortgage industry continues to automate.
The 2018 Celent/MBA Mortgage Technology Investment Priorities Survey asked mortgage CIOs and senior mortgage technology leaders to share their technology usage, spending levels, investment objectives, and value drivers for approximately 20 different mortgage technology categories extending from the point of sale to secondary marketing, and post-closing. The survey also measured mortgage application usage of consumer-facing technologies. Lenders and mortgage technology solution providers can utilize this information to prioritize and allocate their own technology investments.
In this webinar Celent Senior Analyst Craig Focardi, Vice President of Industry Technology, Mortgage Bankers Association, Richard Hill and Vice President, Industry Analysis, Mortgage Bankers Association, Marina Walsh discuss the following:
- Identify which technologies lenders are using currently and which they plan to offer.
- Measure which technology categories are experiencing increasing, decreasing, or flat investment.
- Rank the key drivers of mortgage IT investment: growing the business, improving customer satisfaction, lowering origination costs, shortening timelines, or creating competitive differentiation.
- Reveal which technologies have the highest priority for current and future investment.
- Highlight consumer adoption of customer-facing technologies.
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