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COMMUNITY BANKS & CREDIT UNIONS: 2023 MORTGAGE TECHNOLOGY BUYERS GUIDE

February 17, 2023


Throughout 2023 mortgage lenders and servicers will be buying and implementing new technology at a record pace. Whether your team is looking for a new Servicing System, a Point of Sale, a CRM, or Loan Origination System – buyer beware! The software market is in a significant state of flux. During 2023 mortgage technology buyers will need to go into each new software acquisition with ‘eyes-wide-open.’ Fully informed, educated, and aware of the – traps, pitfalls, and challenges with each purchase consideration. Between recent acquisitions, pending mergers, continued downsizing, major leadership changes that will impact a provider’s service commitments – the uncertainty in numerous investment decisions has never been riskier.


Added to that risk, is how commonly known and highly sophisticated systems are now being marketed-priced-and sold as ‘easy’ implementations. Remember this; these systems are still highly complex, expensive to implement, expensive to manage, and expensive to maintain – all the while still offering relatively limited capabilities and a patch work of technologies reducing actual efficiency gains in loan production, management, maintenance, and administration of these systems.


Yet despite these overwhelming hidden market challenges and issues, the technology options for community banks, credit unions, and servicers has never been better!


Your teams should know that there are countless mature systems that might have lost their marketing luster over the last couple years - but are now making a strong coming back. Stronger than ever before.


Origination and servicing systems that are proving less expensive, far easier to implement, better pricing strategies, and offer impressive capabilities that mortgage teams didn't realize are now available.


It's also time to start understanding the countless ‘NEW’ and relatively unknown systems that are bringing significantly more value than the brands who have ‘deep' marketing budgets.


BlackFin’s Tech Stack Navigator Service was designed to help community banks and credit unions with an in person 'Buyer’s Guide' within intel they can rely on before making their investment decision. A personalized service that is in their corner to help develop the best short and long-term technology stack strategies. A service that community banks and credit unions can afford.


While surveys about technology can be helpful benchmarks, they only tell a small fraction of the actual behind the scene stories taking place in the mortgage technology space and is not indicative of what's best for your firm.

Community banks and credit unions look at systems once every five to seven years - our veteran mortgage technology consultants look at these systems every day. We provide the inside scoop, the street intelligence, ask the right questions, and provide you the secrets that most firms don’t want you to know.


As an honest broker, we are committed to bringing mortgage lenders and servicers together with the right vendors for a successful match and implementation. We are committed to moving our industry forward by empowering community banks and credit unions with key insights that allow our clients to; make more informed investment decisions, reduce implementation costs, reduce implementation risk (70% of all implementations fail), reduce month-to-month technology fees, and increase both customer and member satisfaction.


Committed to helping build the ideal tech stack for your organization – not letting you be ‘sold’ on a tech stack. Sometimes the best options isn't always buying a new platform. In 2023 when software firms have overwhelming pressure to sell, you must go in buyer beware mode.


Keith Kemph is President & CEO of BlackFin Group, a management consulting firm that specializes in the banking, mortgage, and financial services industry. Keith has dedicated his career to helping firms ensure successful execution of critical business and technology projects to operate more efficiently and effectively. Keith's career includes management and executive roles with Citigroup, Bank of America, Dime Bank, Merrill Lynch and nearly a decade with a traditional top tier consulting firm in the financial services industry serving community banks and credit unions nationwide. For more information contact info@blackfin-group.com


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