Two Daves: Glacial Technology Adoption in the Mortgage Industry

This week, David Matthews and David Lykken look at Glacial Technology Adoption in the Mortgage Industry.

Here’s a “roadmap to their rambling conversation”, as Dave One called it (you can guess which is One and which is Two).

Almost 20 years to come up with data standards to facilitate closings.  Why?

  1. State laws and regional customs stymy “one size fits all”
  2. Property law and financial regulations prevent roadblocks to innovation
  3. No motivation to improve the process (If it isn’t broken, why fix it?)
  4. Fragmented industry with a series of segmented suppliers
  5. Proprietary nature of mega players

It’s not the technology

  1. Digital adoptees and digital natives have been ready for better customer experiences for years
  2. Mobile technology and BYOD have been well established in real estate and banking for similar time frames
  3. Mortgage has always been a big data iceberg with enormous potential for customer mining
  4. Individual processes have been automated but never connected
  5. Industry has relied on better and cheaper manual processes (e.g. outsourcing, workflow, etc.)


  1. Uninspired management
  2. Allocation of investment capital to capital markets management
  3. Lack of a strategic vision and roadmap