The traditional mortgage banking model is broken due to short-sighted strategy management of the business, underinvestment in technology relative to other areas of the retail bank, and the inability to reduce labor-based fixed costs that cause huge swings in revenues and profits across the lending cycle. Market conditions are worsening and lenders are reducing mortgage staff and closing back office operations centers. The mortgage market is at an inflection point where leading institutions will reassess their customer acquisition strategies, growth and risk management goals, and technology investments to profitably navigate the changing mortgage business cycle.