Mortgage lenders are not embracing new technology at the same rate as other industries. According to the Q3 2023 LenderPulse survey, 57% of mortgage industry respondents indicate that they do not plan to invest in technology, services or solutions. This is despite research from a range of sources demonstrating the beneficial impact of investing in new tech like automation, machine learning and artificial intelligence.
Exploring the results further, 34% reported that they “may consider the investments in the future,” depending on available resources and market conditions, while 10% said they would eventually make investments, and only 3% plan to invest now.
The survey results demonstrate a divergence in strategies adopted by the mortgage finance industry when it comes to tech investments. The key bullet points in this summary are as follows:
• 57% of mortgage industry respondents in the Q3 2023 LenderPulse survey said they do not plan to invest in tech, services or solutions.
• 34% reported that they “may consider the investments in the future”.
• 10% said they would eventually make investments.
• 3% plan to invest now.
You can read this full article at: https://www.housingwire.com/articles/lenderpulse-q3-2023-survey-mortgage-pros-look-to-cut-marketing-spend/(subscription required)
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