Beyond the Buzzwords: Crafting a Lender Tech Strategy That Works

In today’s mortgage industry, the role of technology is undisputed. It's not just a “necessary evil”—it’s foundational to surviving and thriving. Yet, despite decades of innovation, many lenders are still using processes that haven’t changed much since the early 2000s. The only noticeable difference? Costs have soared.

At the same time, the vendor landscape is overflowing with promises: faster closings, mobile-first experiences, AI-powered automation. The message seems clear—choose the right platform, and success will follow. So who needs a strategy, right?

That thinking is exactly the problem.

Too often, lenders substitute vendor selection for actual technology strategy. But selecting software without a strategic framework is like buying a car without knowing where you're headed. A real technology strategy isn’t about products—it’s about purpose, alignment, and execution.

What Is a Technology Strategy?

A well-designed technology strategy does three things:

1. Defines Specific Goals

   
   

   These goals should directly support business outcomes—like improving member satisfaction by 25% or reducing loan cycle time by 30%. The most effective goals are both aspirational and achievable, and they consider specific constituencies (e.g., borrowers, loan officers, members).

   
   

2. Identifies Capability Requirements

   
   

   Rather than focusing on individual tools, the strategy should outline the core capabilities needed to meet the goals—think automation, workflow, data integration, or mobile engagement. Each capability should map clearly to the business goals it supports.

   
   

3. Establishes Measurable Outcomes

   
   

   Metrics are essential. They not only mark progress but also allow course correction during execution. While some metrics (like improved borrower satisfaction) can be subjective, others—like cost-per-loan or pull-through rate—should be data-driven and financially grounded.

   
   

The Link Between Business and Technology Strategy

Your technology strategy should support and reflect your overall business strategy—but in many cases, it can actually drive it. Just look at Rocket Mortgage, United Wholesale Mortgage, or the early adoption of automated underwriting systems by the GSEs. These are examples where tech wasn’t just supportive—it was central to competitive advantage.

That doesn't mean every lender must become a fintech. But it does mean that strategic technology decisions can unlock business opportunities that might otherwise remain invisible.

How to Build an Effective Strategy

Creating a technology strategy doesn’t have to be a massive undertaking. It does, however, require a committed cross-functional team, stakeholder alignment, and a clear path from strategy to action.

Key steps include:

• Engaging the right internal voices from operations, compliance, secondary marketing, IT, and executive leadership.

• Partnering with experienced advisors like BlackFin Group to guide the process, challenge assumptions, and bring proven frameworks.

• Keeping it actionable. Strategy isn’t theory—it’s a blueprint for execution, including how vendors are evaluated and implemented.

And don’t treat your strategy as a one-and-done exercise. Revisit and refine it regularly as your business evolves and market conditions shift.

So… Who Really Needs a Technology Strategy?

Every lender. Whether you’re a credit union, bank, or independent mortgage banker, having a thoughtful, documented, and measurable technology strategy is no longer optional—it’s a competitive imperative.

Andrew Weiss, Partner, leads the Mortgage Technology Consulting Practice at BlackFin Group. Andrew has been consulting mortgage technology for over 35 years. Project engagements include advising lenders on selecting the right technology, implementations, and optimizations of tech stacks. Weiss previously served as SVP of Platform Strategy at Origence, was Principal at STRATMOR Group leading the technology practice with industry legend Len Tichy. CIO at New Penn Financial, SVP of Strategy for Bank of America and Executive Consultant with Newbold Advisors. Starting his career designing Fannie Mae’s DU platform. For more information contact info@blackfin-group.com