As mortgage lenders move toward digital mortgages and increased technology, many were shocked at how long it takes to fully implement the tech.
A joint survey conducted by HousingWire and Maxwell, a winner of HW’s Tech100 for the second straight year, showed that nearly 57% of lenders said implementing technology went slower than expected. Another 32% said it went faster than they expected while 11% said it went as expected.
Data from that same survey showed that just 14% of lenders do not currently have a digital mortgage, and a full 36% do not use a borrower portal.
The good news is, as Ellie Mae Executive Vice President of Corporate Strategy Joseph Tyrell explained previously in an interview with HousingWire, lenders who are still struggling to implement the digital mortgage don’t have to do it all at once – they can take it slow.
But how long does it really take to implement new technology? Here’s what the survey found:
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The survey also showed 37.5% of companies with 21 to 50 employees take an average of three to six months to implement new digital mortgage technology; 33% of companies with 51 to 100 employees take one to three months and 29% of these companies took three to six months; and 35% of companies with 101 to 500 employees took more than six months.