The author just returned from the Mortgage Bankers Association's (MBA's) National Technology in Mortgage Banking Conference in Las Vegas, and clearly they are at new lows for technology progress within the industry. He informally surveyed many of the tech companies to see who was actually investing in new mortgage technology. He was only able to uncover two such companies, and they were startups. In his 27 years of mortgage technology experience, this is the lowest year for investing since the industry effectively began in the early 1980s. He was able to find some glimmers of hope at the show. First, there have been so many seat licenses wiped out that someday they will have to be replaced as the industry returns to more normal loan production volumes. Finally, the majority of software vendors that started during the bottoms of past real estate cycles have found success. Those startups founded at the top of the real estate cycles typically failed.