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1. DIGITALIZATION / COMMUNICATIONReducing turn times and errors is the new battlefield of mortgage IT. 32% of banks worry about collaborating with stakeholders effectively, 24% cite last-minute delays as a problem, and 17% feel their IT isn’t prepared for today’s client. Appraisals, documentation and vendor management will benefit greatly from the real-time speed digitalization provides.

2. CYBERSECURITYOne drawback of mortgage tech going digital and cloud-based is that it becomes more vulnerable to hacking. 70% of banks cite cybersecurity as a risk concern. Mortgage data—social security numbers, finances, etc.—is a gold mine for identity fraud. Data security will become an even bigger priority for companies that know the reputational damage a leak could cause.

3. MOBILE MESSAGINGNow that we have online mortgages, the next step for mobile will be instant updates as items are completed toward closing. That’s thinking ahead—92% of millennials use smartphones daily, compared to 62% of boomers. Mobile mortgages will attract debt-shy millennials not because they can originate on the go, but because they can keep track of their mortgage that way.

4. THIRD-PARTY MANAGEMENTOutside of cybersecurity, the greatest incoming risk factor for finance is third-party management. 58% of financial services orgs have at least 5 to 15 critical vendor relationships. 49% have had to let a vendor go due to performance or compliance issues. 34% of banks cite third-party risk as a top concern. Companies looking to preempt third-party risks will seek new, faster technology to manage vendor relationships and help ensure compliance.

5. CUSTOMER EXPERIENCENew technologies that offer the best end-to-end user experience will be how lenders compete and how loyalty is kept. 63% of customers indicate they would switch mortgage servicers to find improved customer service. When servicers have an easy-to-navigate website with useful info, calls to live agents are reduced 42% to 30%. Lenders will also focus on modernizing user interfaces to improve efficiency and how clients perceive their brand.

5 Mortgage Tech Trends That Will Transform the Industry

© 2017 Nexsys Technologies, LLC. All rights reserved.

* The data contained in this marketing material is derived from third party sources as indicated below. Data sources have not been independently verified and such information is provided on an ‘as is’ basis with no representations or warranties.

Sources for data contained in this marketing material are listed below next the slide number where the data is located.

Sources:*

1. Confidence Levels Up: Wolters Kluwer 2016 Regulatory and Risk Management Indicator Survey, Wolters Kluwer, http://www.wolterskluwerfs.com/regulatory-risk-management-indicator.aspx

2. Confidence Levels Up: Wolters Kluwer 2016 Regulatory and Risk Management Indicator Survey, Wolters Kluwer, http://www.wolterskluwerfs.com/regulatory-risk-management-indicator.aspx

3. The real mortgage winners in 2016 will be those with the best approach to technology, Craig Martin, HousingWire, http://www.housingwire.com/blogs/1-rewired/post/36703-the-real-mortgage-winners-in-2016-will-be-those-with-the-best-approach-to-technology

4. Baker Tilly Finds Vendor Management Increasingly Challenging for Financial Services Organizations, Baker Tilly, http://www.bakertilly.com/news/baker-tilly-finds-vendor-management-increasingly-challenging-for-financial

5. Primary Mortgage Servicers Need to See Customer Satisfaction as Cost-Reduction Strategy, J.D. Power, http://www.jdpower.com/press-releases/jd-power-2016-primary-mortgage-servicer-satisfaction-study