Wolters Kluwer recently surveyed 110 mortgage and financial executives about their current and future plans for investment in staffing and technology, particularly as it relates to digital transformation in the mortgage industry. Part I of this two-part blog series explored what mortgage lenders had to say about their current investment in technology for 2023 in light of market conditions as well as their staffing plans for the remainder of this year. In Part II, we’ll look at their anticipated plans for technology investment in order to be able to respond and scale appropriately when the market turns. Most lenders see higher ROI using technology versus human capital. According to the survey, a majority of respondents (72%) believe using technology yields higher operational gains as opposed to using human capital. Only 9% say human capital will deliver higher yields. When asked what they believe are the most important benefits commonly seen from investing in digital technologies, 65% cite speed and efficiency as the most important benefits. Lenders say technology investment is key to being able to respond and scale up when the market returns. As volume returns, a clear majority (79%) say they will rely more on technology to scale […]
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