Here's how digital technology changed the face of the mortgage industry:
The pandemic accelerated the demand for online mortgage tools.
According to the survey, the importance of lenders offering digital solutions such as online applications during the lending process increased for borrowers in 2020, with 58% saying the availability of an online application would affect their lender decision (up from 50% in 2018). While still important, the offering of a mobile app specifically was less likely to influence borrowers’ lender selection, with 47% saying availability of one would factor into their decision in 2020 (compared to 40% in 2018).
Homeowners who used an online application appreciated the simpler application process (55%), reduced time to close (53%) and resulted in fewer in-person interactions (49%).Not surprisingly, decreased in-person interactions grew in importance in 2020, as just 37% of consumers in 2018 cited “no need to meet in person” as something they liked about their online application process. Whether they had been through the mortgage loan process or not, 63% of consumers surveyed believe that an
online mortgage processwould make buying a home easier than an in-person process.“From a borrower’s perspective, the pandemic has accelerated the demand for a consistent, digital first borrowing experience,” said Tyrrell. “Signing documents electronically is quickly becoming the minimum, and borrowers expect a seamless experience from start to finish. In 2020, many lenders cobbled together different solutions to meet borrower demands, but that often led to a more confusing, fragmented process. Covid highlighted the need for a single consistent digital experience for consumers.” headtopics.com
Currently, online applications and online portals are the digital tools most offered among lenders, with more than nine in 10 offering both options to borrowers (91%). Of lenders who offer online applications, 60.4% said more than half of all loan applications are submitted online, while 38% said more than 80% of their applications were completed online in 2020. However, traditional loan application methods may be more common at larger organizations. Half of large institutional lenders, or those with 200 or more employees, indicated that less than 50% of their loan applications were submitted online.
Borrower respondents who were offered online and/or mobile options by their lenders took advantage of those tools during the mortgage loan process. Sixty-one percent of borrowers used an online application in 2020, slightly up from 58% in 2018. Sixty-one percent also used an online portal for electronically signing and notarizing documents, compared to 56% in 2018.
I am an award-winning journalist and former real estate editor at the Chicago Tribune, where I was cited for excellence for my work in launching and editing real estate… Read MoreI am an award-winning journalist and former real estate editor at the Chicago Tribune, where I was cited for excellence for my work in launching and editing real estate and home improvement sections. The Tribune's real estate section was ranked as the third best in the country under my tenure by the National Association of Real Estate Editors. I am equally adept at writing about resilient housing, smart-home technology, real estate trends, home improvement and design. My real estate articles have been published in The Washington Post, Chicago Tribune and several digital platforms, including forbes.com, money.com, chase.com and discover.com. Previously, I was an editor at the Atlanta Journal-Constitution and San Antonio Express-News. Email tips and story ideas to firstname.lastname@example.org. Follow me on Twitter at @homesbrenda.Read more: Forbes »
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