Mortgage businesses appear to look at technology first and foremost as a means toward operational efficiency, with artificial intelligence investment down on the list of needs, according to new research.

Above all else, technology's main purpose needs to revolve around fulfilling the primary functions of running a business safely and compliantly, mortgage industry leaders said in a new survey conducted by Arizent, parent company of National Mortgage News. Many are focusing their technology development on data security efforts over the coming months. 

How companies approach their technology investment, though, varies, with question marks surrounding the innovation vendors bring to the table to help advance business strategy goals. Costs of the latest tools are also high on mortgage leaders' minds.

The data was collected in July 2024 through a survey of 127 mortgage industry professionals with knowledge of their company's technology goals. Two-thirds of respondents came from either nonbanks or depository banks and credit unions, with a smaller percentage of mortgage brokers. Other respondents came from insurers, servicers or government-related entities.

Following are some of the key findings and observations from the research.