Mortgage lenders of all sizes are expected to increase their technology spending by 15% this year, to $4.11 billion, according to a MORTECH LLC study.
Jeff Lebowitz, the president of MORTECH in Bend, Ore., said in a Jan. 10 press release that although production volumes will decline in 2011, mortgage firms will use the time to play catch up "on workflow integration and electronic document management."
"We will see investment, but not much innovation," he said. "Still, 2011 will be a good year for many mortgage technology application suppliers."
A former Fannie Mae executive, Lebowitz has been issuing his MORTECH study since 1988. It asks lenders about technology and emerging business trends.
Lebowitz said that mortgage technology spending began to collapse in 2007 with the start of the subprime implosion.
