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)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.