If you have pounds every time you hear the phrase “I can't believe it's almost Christmas already,” you'll think it's enough to cover the cost of the entire celebration period.
As 2024 approaches the end, the mortgage industry finds itself at the intersection of transformation and opportunity. Technology is the driving force behind sector resilience, allowing brokers and lenders to navigate challenging markets with innovation at the heart of it.
Looking back at this year and 2025, it is clear that digital advancements not only improve operational efficiency, they are also redefining the home buying experience. 
Technology was the force behind the resilience of our sector
One of the crucial features of 2024 is the growth of artificial intelligence (AI) as a core component of mortgage technology. As it is no longer limited to experimental use, AI tools are embedded deeply into the daily tasks of brokers and lenders.
Not only did these tools save time, they also improved placement and accuracy, reducing frustration of rejected applications for both the broker and its clients.
Lenders also embrace AI to enhance their underwriting process, which they use to more accurately assess risk and affordability. They have also seen the benefits of increased efficiency in detecting fraud.
Cybersecurity remains a top priority as the industry becomes increasingly dependent on digital systems
This year, customers have demanded greater flexibility and convenience on their mortgage journeys. Digital onboarding, automated decision-making and an enhanced client portal have become standard expectations. These tools allow borrowers to track applications, access documents, and communicate with brokers in real time.
Lenders are investing in platforms that integrate these capabilities while ensuring compliance with regulatory standards.
Open Property Data Association
One of the most exciting developments of the year was the progress of the Open Property Data Association (OPDA).
The coalition, led by Maria Harris and the industry leader, aims to tackle the inefficiencies of the property purchasing process by standardizing and streamlining access to property data. OPDA reduces transaction latency and creates a smoother experience for everyone by enabling faster and more transparent data sharing among lenders, brokers and other stakeholders.
A pivotal milestone was advocacy of new laws that could require standardized digital property records. This eliminates many of the current duplication and fragmentation in data management. Second, brokers and lenders can focus on providing speed and value for their services to their clients rather than tackling an outdated system.
These tools not only save time, but also improved placement and accuracy
OPDA's efforts show a shift towards an ecosystem of open data and lay the foundation for a truly connected mortgage process that will become welcome news for many.
Compliance was a key focus in 2024, especially as consumer mandatory regulations continued to form industrial practices. Technology plays a pivotal role in helping both brokers and lenders fulfill their regulatory duties.
This is a major development area next year, allowing brokers and lenders to better manage customer vulnerabilities by increasing confidence that their needs are fair and transparently met.
Looking back at 2024, it is clear that technology is helping to maintain and evolve the mortgage industry. However, its success depends on collaboration between brokers, lenders, regulators and technology providers. By embracing open standards and working together to invest in cutting-edge tools, the industry can unlock the full potential of these innovations.
One of the most exciting developments of the year was the progress of the Open Property Data Association.
However, the future is not without challenges. Cybersecurity remains a top priority as the industry becomes increasingly dependent on digital systems. Continuous investment in security measures is required to protect sensitive client data and ensure the integrity of your online platform.
Furthermore, the rapid pace of technology change can create skills gaps, requiring continuous training and support from experts to fully utilize new tools.
The mortgage industry finds itself at the intersection of transformation and opportunity
We promise new challenges next year, but they have the opportunity to refine their mortgage process further, making them faster, more transparent and ultimately more accessible to borrowers.
For those who are willing to embrace change, the future looks bright.
Nicola Firth is the CEO and founder of Knowledge Bank.
This article was featured in the December 2024/January 2025 Mortgage Strategy Edition.
Click here to subscribe to our monthly print or digital magazine.
