But if you’re addicted to me, let’s start with Chatgpt’s definition of a client:
The customer is a person or organization that purchases goods or services from a business. Customers are the end users or buyers that drive market demand. Customer needs and satisfaction are at the heart of business strategy and success.
There is nothing too strange there. Now apply this definition to the transaction submission platform. As a broker, are you buying services from Filogix, Velocity, Finmo, Boss or Scarlett? Usually not.
But are the requirements of your business strategy core? Usually.
This simple example shows that the problem is trickier than you think. To answer correctly, you need to understand how mortgage technology works in Canada.
Mortgage technology value chain
Brokers use mortgage technology to enter the borrower’s details and submit it to the lender. They will then use technology to submit payroll and compliance to the broker. Technical Forward Brokers also use Tech to interact with customers through marketing and/or online applications and documentation portals.
This is straightforward and anyone in the industry knows it.
Less well known is that the lender actually paid for each transaction of the transaction to submit the transaction to the platform BP. In addition, the transaction submission platform sometimes pays the broker owner to use its platform (See MTT Episode 74 for a full explanation).
So things get more and more interesting, but it still doesn’t quite answer the question: Who is the customer?
Four potential customers In mortgage technology
In the above section, we identify four key players in the value chain: brokers, lenders, broker owners, and borrowers. Let’s argue with everyone:
broker: As a broker, you are the main user of these platforms. If you don’t submit transactions using these platforms and no one gets payments, the entire value chain will break.
Lender: Lenders gain value by receiving transactions in a standardized manner and gaining “access” from thousands of brokers. They are also the source of all cash in the value chain.
Broker owner: Broker owners get value from simplified compliance and salary. They can ask their agents to use the platform, and sometimes they get paid for it.
Borrower: Borrowers gain value from platforms that reduce friction in the process. Ultimately, this is what we all serve. No borrower, no mortgage technology.
So, in fact, each has a very powerful case. Are there four different clients?
A better question
It’s nothing wrong to say there are four different customers, although this is not satisfactory. On the contrary, for the mortgage technology platform, the better question is where should I focus?
Like all technology, resources are always limited, so you need to be ruthlessly prioritized. An important part of priorities is focusing on specific customers.
I think the “key customers” of mortgage technology will be defined by the two biggest trends in the mortgage industry:
Increase adjustment
Regulation in the mortgage industry has increased significantly. I don’t need to go into details, but we can all feel it.
In most cases, regulatory accountability is Broker Owner. As the burden increases, Broker Owner Two things to do:
- Find a technology platform to assist in maintaining compliance
- Force its agents to use standard platforms to ensure compliance
A very small example, I talked about a lot Broker Owner After the new AML regulations, he authorized specific platforms. This will only increase with more regulation.
AI adoption
Using tools like chatgpt, Borrower It will become more and more complex; they will be accustomed to instant responses and will continue to move forward if they encounter any friction completely during the mortgage process.
Brokers will always provide advice and guidance (AI replacement is not what I mean), but the technology platform added Borrower Friction (rather than deleting with AI) will force borrowers to look for collateral elsewhere.
With these two forces at work, I believe that the winning tech platform will focus on lasers Broker Owner and Borrower.
What about lenders and brokers?
This does not mean that lenders and brokers are ignored. This simply means that the return on investment (return to investment) is not that high when adding incremental value to lenders and brokers.
As I can see, lenders only need these platforms to send and receive data, which is already a baseline requirement for all platforms.
For you as a broker, even though you are a major user of these platforms, my hot opinion is that a better experience doesn’t actually change your adoption.
Don’t believe me? Consider just because the broker owner requires you or needs specific lender access, or you want to reduce friction on the borrower, so you just because the broker asks you to switch the platform or power through a suboptimal user interface.
This should make you hint at the place of power in the collateral technology value chain.
Why this is important to you as a broker
First, I think it is crucial to understand how decisions are related to the platform you use every day.
Beyond that, this should serve as a guide when you continue in your career. What is the difference from your unique mortgage business? Is it an operational excellence, an amazing borrower experience or something else?
After the answer, it is consistent with the mortgage technology with the same focus.
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Last modified: June 9, 2025
