Survey Says: A Report on Digital Mortgage Trends and Preferences – Part 1
By all accounts, the mortgage industry has recovered nicely from the 2008 housing crisis. Over this time, the widespread adoption of digital mortgage solutions has increasingly improved the loan process for both borrowers and lenders. As web interfaces, online portals, automated loan processing and sales automation become the norm, lenders with online business models are experiencing rapid growth.
Ellie Mae recently surveyed more than 500 mortgage borrowers to better understand how they use technology to get a purchase or refinance loan. We connected with the most relevant age groups, with Gen-X borrowers (ages 35-54) comprising 43% of survey respondents, followed by Millennials (under 35) at 29% and Boomers (55+) at 28%.
Here’s a snapshot of our key findings:
• Online loan activity is growing in every phase of the mortgage process, from research and discovery to application, qualification and approval
• The vast majority of borrowers do online research before contacting a lender
• Web self-service is the preferred method of research, and the most common form of interaction with lenders across all age groups
• Borrowers predominantly prefer lenders who provide online portals for document sharing
In Part 2 of this blog, we’ll dig into the data a little more and share the insights. You can also download the full report or view our recent on-demand webinar New Growth Trends In Online Loan Activity now.