Mortgage Technology Opportunity is HUGE
The year isn’t over. Not even close. While most of the press sounds like an old country western song, the idea that the mortgage industry is in complete shambles isn’t accurate. Of course, massive adjustments are being made from the considerable bloat from the last two years. Still, dozens of mortgage companies are starting, tons of technology products are being developed, and many of our mortgage staples are working to maintain to serve millions of families working to purchase a home.
This adjustment is causing mortgage lenders to reevaluate their budgets in a whole new way. Budget season is upon us, and technology companies should be preparing for some change and new acquisitions. In “It is Shopping Season for Mortgage Lenders,” we covered the three things lenders look at when developing their budget and tech stack. Quick recap:
- Don’t F&*%ing blow – The tech solution has to work.
- Budget – The technology solution must show an ROI.
- Innovation – The tech solution is innovative and has a road map to continual advancement.
On the brink of the Digital Mortgage Conference, technology solutions companies must bring the noise. Lenders will likely send fewer people than ever, but they will send their heavy hitters to examine the newest and greatest technology that could bolster their mortgage bank to the next level. More than ever, mortgage lenders need to understand how technology will help them save money and grow. Not just the top 200 mortgage lenders, but all 5,000. What is the HUGE opportunity? In each respected category of mortgage technology, a tech company can rise above the rest to be the hero. Here are three more areas of focus that mortgage technology companies must do to maintain their business and even scale and grow.
- Clearly Identify your Solution – Refine your messaging to help mortgage lenders understand precisely how your technology will help them solve the problems that they are facing in this new market.
- Don’t Count Anyone Out – Mortgage lenders of all sizes need help. It is hard to say which lender might be the next big thing. Mortgage lenders are shifting business models and capturing new markets to navigate the current tide. Some new big companies will emerge in the coming years.
- Invest in Marketing/Advertising – Any budget will do, but make an exerted effort to double down on your marketing: Digital, promotional, networking, or whatever your budget can allow. Staying top of mind in this busy world is essential to find the lenders that need help. The disconnect between technology and lenders is considerably weighted on the fact that – THEY DON’T KNOW WHAT TECHNOLOGY EXISTS!
The opportunity is enormous. New stars will be born. New technology will win. Continuing to scale and grow will undoubtedly be challenging but a thousand percent possible. Get clear on how you can help, increase your marketing spend and activity, and chat up some new prospects that aren’t on the Scotsman Guide list. Mortgage technology is doing incredible things, and it’s time to capture the moment. The time is now.