But if you’ll indulge me, let’s start with ChatGPT’s definition of a customer:
A customer is a person or organization that purchases goods or services from a business. Customers are the end users or buyers who drive demand in the market. The customer’s needs and satisfaction are central to business strategy and success.
Nothing too surprising there. Now, apply this definition to deal submission platforms. Are you, as a broker, purchasing services from Filogix, Velocity, Finmo, BOSS or Scarlett? Typically not.
But are your needs central to their business strategy? Typically yes.
This simple example shows how the question is trickier than you might think. To answer it properly, you need to understand how mortgage tech works in Canada.
The mortgage tech value chain
Mortgage tech is used by brokers to input borrower details and submit to lender. They’ll then use technology to submit payroll and compliance to the brokerage. Tech-forward brokers also use tech to interact with clients through marketing and/or an online application & document portal.
This is straightforward, and known by anyone in the industry.
What’s lesser known is that lenders actually pay the deal submission platforms BPS for every funded deal. Further, deal submission platforms will sometimes pay broker-owners to use their platform (see episode 74 of MTT for a full explanation).
So, things are getting interesting, but it still doesn’t quite answer the question: who is the customer?
The four potential customers in mortgage tech
In the above section, we identified four key players in the value chain: the broker, the lender, the broker-owner, and the borrower. Let’s make an argument for each:
Broker: You, as the broker, are the primary user of these platforms. If you don’t use these platforms to submit deals, no one gets paid, and the whole value chain breaks down.
Lender: The lender gets value by receiving deals in a standardized way, and getting “access” to thousands of brokers. They’re also the source of all cash in the value chain.
Broker owner: The broker owner gets value from simplified compliance and payroll. They can mandate their agents to use a platform, and sometimes get paid for doing so.
Borrower: A borrower gets value from a platform that reduces friction in the process. Ultimately, it’s who we’re all serving. With no borrower, there is no mortgage tech.
So, really, there’s a pretty strong case for each. Are there four distinct customers then?
A better question to ask
Saying there are four distinct customers isn’t wrong, although it is unsatisfying. Instead, for mortgage tech platforms, the better question is, where should I focus?
Like all technology, resources are always constrained, and so you need to prioritize ruthlessly. An essential part of prioritization is focusing on a specific customer.
In my opinion, the “focus customer” for mortgage tech will be defined by the two biggest trends in the mortgage industry right now:
Increasing Regulation
Regulation is dramatically increasing in the mortgage industry. I don’t need to go into details, but we can all feel it.
In most cases, regulatory accountability lies with the broker owner. As this burden increases, broker owners are going to do two things:
- Look to technology platforms to assist in staying compliant
- Force their agents to use a standard platform to ensure compliance
As a small example, I’ve chatted with many broker owners who mandated a specific platform after the new AML regulations. This will only increase with more regulation.
AI Adoption
With tools like ChatGPT, borrowers will be increasingly sophisticated; they’ll be accustomed to instant responses, and if they experience any friction at all in their mortgage process, they’ll move on.
A broker will always provide advice and guidance (AI replacement is not my point), but tech platforms that add borrower friction (and not remove it with AI) will force the borrower to look elsewhere for their mortgage.
With these two forces at play, I believe the winning tech platforms will be laser-focused on the broker owner and the borrower.
What about lenders and brokers?
This doesn’t mean lenders and brokers are neglected. It just means the ROI (return-on-investment) on adding incremental value to lenders and brokers is not as high.
As I see it, lenders just need these platforms to send and receive data, which is already a baseline requirement for all platforms.
For you as a broker, although you’re the primary user of these platforms, my hot take is that a better experience for you actually won’t change your adoption.
Don’t believe me? Think about how many times you switched platforms or powered through a sub-optimal user interface just because your broker-owner asked you to, or you needed specific lender access, or you wanted to reduce friction for a borrower.
This should give you a hint of where the power lies in the mortgage tech value chain.
Why this matters to you as a broker
First and foremost, I think it’s crucially important to understand how decisions are made related to the platforms that you use every day.
Beyond that, this should act as a guidepost as you continue to navigate your career. What differentiates your unique mortgage business? Is it operational excellence, an amazing borrower experience, or maybe something else?
Once you have your answer, align with the mortgage tech that has the same focus.
BOSS ChatGPT crm crm platform Editor's pick filogix finmo fintech guest column mortgage broker technology Mortgage Technology Scarlett technology tom hall velocity
Last modified: June 9, 2025
