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BlackFin Sees Lenders And Servicers Making Big Tech Moves

BlackFin Group is an umbrella of services and software products that specializes in the financial services industry. BlackFin caters to national, regional, and community-banks, credit unions, and independent mortgage bankers looking for trusted consulting experts, services, and insights. The firm has noticed that many mortgage lenders and servicers are making significant technology changes. Here’s what they report:

>>During the year 2023, over 25% of Lenders and Servicers are selecting and implementing new software solutions.

>>Over 70% of all lender technology projects either fail, go over budget, or miss deadlines.

>>38% of Credit Unions are moving off their existing LOS and moving to a new Tech Stack.

>>Due to poor satisfaction, 17% of lenders are moving off their existing POS platform for a new POS.

>>15% of lenders who are on the industry’s most widely recognized LOS system, are leaving.