If I had a pound every time I heard this, “I can’t believe it’s almost Christmas,” I might have enough money to cover the entire holiday.
With the end of 2024, the mortgage industry is dealing with the intersection of transformation and opportunities. Technology has been the driving force behind the industry’s resilience, enabling brokers and lenders to navigate challenging markets at the heart of innovation.
Looking back on this year and 2025, it is clear that digital advancements not only improve operational efficiency, but also redefine the home buying experience.
Technology has always been the force behind our department’s resilience
One of the defining features of 2024 is the growth of artificial intelligence (AI) as a core component of collateral technology. Now that AI tools are no longer limited to experimental uses, the day-to-day operations of brokers and lenders are now embedded deeply.
These tools not only save time, but also improve location and accuracy, thus reducing frustration from brokers and their clients’ rejection of applications.
Lenders also embrace AI to enhance the underwriting process, using it to assess risk and affordability with greater accuracy. They also see the benefits of increasing efficiency around fraud discovery.
As the industry becomes increasingly dependent on digital systems, cybersecurity will remain the top priority
This year, customers demand greater flexibility and convenience in their mortgage journey. Digital onboarding, automated decision making and enhanced customer portals become standard expectations. These tools enable borrowers to track their applications in real time, access files and communicate with brokers.
Lenders, in turn, are investing in platforms that integrate these features while ensuring compliance with regulatory standards.
Open property data association
One of the most exciting developments this year is the progress made by the Open Property Data Association (OPDA).
Leaded by Maria Harris and leaders including industry leaders, the alliance aims to address inefficiency in the property purchase process by standardizing and simplifying access to real estate data. By enabling faster and more transparent data sharing between lenders, brokers and other stakeholders, OPDA tries to reduce latency in transactions and create a smoother experience for everyone.
A key milestone is the advocacy for new legislation, which can authorize standardized digital property records. This will eliminate many of the current duplications and splits in data management. In turn, brokers and lenders can focus on providing service speed and value to their clients, rather than working on outdated systems.
These tools not only save time, but also improve placement and accuracy
OPDA’s efforts mark a shift to an open ecosystem, laying the foundation for a truly connected mortgage process, which is gratifying news for many.
Compliance remains a key priority in 2024, especially as the consumption tax regulations continue to shape industry practices. Technology plays a key role in helping brokers and lenders meet their regulatory obligations.
This will be an area with key developments next year to enable brokers and lenders to better be assured that their needs are met fairly and transparently to better manage customer vulnerabilities.
As we reflect in 2024, it is clear that technology plays a role in maintaining and growing the mortgage industry. However, its success depends on collaboration between brokers, lenders, regulators and technology providers. By co-adopting open standards and investing in state-of-the-art tools, the industry can unlock the full potential of these innovations.
One of the most exciting developments this year is the progress made by the Open Property Data Association
But the future is not without challenges. As the industry becomes increasingly dependent on digital systems, cybersecurity will remain the top priority. Protecting sensitive customer data and ensuring the integrity of online platforms will require ongoing investment in security measures.
Furthermore, the rapid pace of technological change can create skills gaps, so on-going training and support for professionals to make the most of new tools.
The mortgage industry finds itself at the intersection of transformation and opportunity
Next year promises new challenges, but with their chances, there is an opportunity to further refine the mortgage process to make it faster, more transparent and ultimately easier for borrowers to access.
For those willing to embrace change, the future looks bright.
Nicola Firth is CEO and Founder of Knowledge Bank
This article introduces the December 2024/January 2025 version Mortgage Strategy.
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