Mortgage lenders need to exercise their technology to unlock the ROI it brings.

Welcome to the January 2023 Insights Report

Welcome to STRATMOR Insights
Lisa Springer
Sr. Partner, CEO
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Jesse, my son, is a personal trainer and sends my husband and me a series of exercises based on the equipment available to us in our fitness room. Jesse’s favorite aerobic machine is our rower, a Concept 2 model which my husband chose specifically for the dart game he likes to play while rowing. I, on the other hand, don’t like to play games while I exercise, and therefore find this equipment too repetitive. Same machine, same investment but totally different Return on Investment (ROI) based on how it is being used by each of us.

In our surveys and workshops, STRATMOR hears similar stories of lenders who search for mortgage technology that fulfills the needs of the company and its staff. There seems to be a fair amount of disappointment in tools purchased in recent years, likely due to different expectations, adoption and application of the technology investment. In this month’s InFocus article, Senior Advisor Sue Woodard analyzes why finding the ROI in mortgage technology is so tough. Sue examines what makes for an acceptable ROI, from cost to adoption, and she offers a list of questions for lenders to ask about each technology they evaluate. Before you make your new technology wish list for this year, be sure to read, “Unlocking the ROI of Mortgage Technology.”

After a year of mass layoffs and a 70 percent drop in loan volume, many in the mortgage industry may feel like characters in the AMC series The Walking Dead — just happy to have survived. In his January Customer Experience Tip, Customer Experience Director Mike Seminari draws a parallel with the popular series, asking and answering the question, “How Can Lenders Thrive in a Post-Meltdown Mortgage World?” Mike offers suggestions for building a customer experience strategy that takes a page from the series script: find the damage, repair the issues and monitor progress toward a better future. He also suggests three steps lenders can take today to thrive in 2023. Don’t miss this insightful article.

Thank you for joining us as we head into 2023 filled with the optimism that comes from surviving a tough year, knowing business will improve. Please contact your STRATMOR partner or principal if you need help formulating strategies that will help your business thrive in the year ahead.

In-Focus
Unlocking the ROI of Mortgage Technology

“Grab a water, grab a towel, get your life together, boo.”

— Cody Rigsby, Peloton® instructor

If you are able to read and hear that in Cody’s voice like I do, you have ridden a Peloton exercise bike and had the opportunity to meet the most famous instructor in their crew. But how many well-intentioned folks buy the bike, shoes, weights, subscription and yet a year later, have not accomplished their fitness goals?

I think we can all relate at some level. We buy the equipment with the image in our head of the outcomes — healthier heart, stronger muscles, weight loss, increased stamina — one or all those things are the ROI that we expect for investing in fitness technology. But the only way we’ll see those meaningful changes is with a partnership between the technology and services being provided (in this case, by Peloton) and ourselves the riders, via changes in our own habits, routines and disciplines.

So, let’s take it to the mortgage world, boo.

More Insights

More Insights
January 2023 Customer Experience

STRATMOR CX Director Mike Seminari draws a parallel to a popular television series and the post-meltdown mortgage world in this Customer Experience Tip that also includes three steps mortgage lenders can take to thrive in 2023.

 

STRATMOR Studies
January 2023 STRATMOR Studies

STRATMOR Studies

STRATMOR Group offers a suite of data products and mortgage advisory services to power your performance, including industry-specific studies. Get the data driven advantage!

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