The 2023 tech rundown for mortgage organizations

June 30, 2023 9:04 AM

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Even with a recession looming, mortgage companies are planning to invest in new technology, with a majority of organizations surveyed saying they expect to increase their tech spending in 2023.

Arizent, publisher of leading brands in financial and professional services, conducted original research to find out which types of technology mortgage companies are focusing on in the current economic climate and the key factors that are likely to impact their spending decisions.

This research was conducted online in December 2022 among 87 respondents with knowledge of and/or involvement in their institution's tech initiatives.

Scroll through to find out what the research reveals.

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The 2023 tech rundown for mortgage organizations

Mortgage organizations are reassessing how they implement tech changes due to economic factors.

Despite economic headwinds, many mortgage companies are still investing in technology.

They are also mostly increasing or maintaining IT headcount.

76% of mortgage companies fall in early adopters or the early majority when it comes to tech adoption.

The most active tech priorities are fraud mitigation, enhanced security and data collection/analytics.

Cost pressures, compliance and ease of integration are driving these active tech priorities and investments.

Nearly 60% of organizations are investing at least moderately in leveraging IoT devices.

Mobile first is a mantra for many mortgage professionals when it comes to customer-facing tech.

Firms cite digital platforms, mobile apps and cloud-based apps as having the most transformative potential.