Keep me informed:
2024 Borrower Insights Survey

As digital lending options expand and expectations for a seamless online experience increase, understanding borrowers' preferences during the mortgage process is key for acquiring new business, earning referrals and boosting customer retention. Do you have the insights required to meet your borrowers' needs this year?

Findings from the ICE Mortgage Technology 2024 Borrower Insights Survey suggest that now is the time to focus on the basics – building relationships and resources – to keep activity healthy today, so you can be ready for an accelerating market when it arrives.

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Offering financing flexibility is one way to help borrowers bridge the affordability gap.

  • 53% of Americans named flexible loan options as one of their most important options when financing their mortgage
  • 85% of Millennials indicated flexible down payment and loan options as most important, compared to 71% of Boomers


Knowing what type of savings each borrower demographic is looking for makes a difference.

  • 2/3 of Americans say that saving money overall is one of the most important options when financing their mortgage
  • 90% of Boomers consider having the lowest interest rate the most important factor when choosing a lender; compared to just 42% of Millennials and Gen Z


Helping borrowers understand what options are available to them, such as credit and purchase programs, opens new opportunities.

  • 73% of renters believe that owning a home is beyond their reach at this time
  • 50% of renters believe you need to provide more than 10% as a down payment
  • 50%+ of renters would be more likely to purchase a home if there were programs that addressed high home prices or interest rates

High Tech and High Touch

Meeting your borrower where they are requires understanding when they want an online tool vs. in-person interaction.

  • 45% of Millennials expect their mortgage lender to have the flexibility to work with them both digitally or in-person
  • Despite the 60% of borrowers who described their recent mortgage experience as easy, only 36% would describe it as a great online experience.
  • 26% of current homeowners would want an equal blend of traditional methods and digital tools during their next mortgage experience, but an almost equal number want only traditional methods


Considering your borrowers’ age and mortgage experience creates a tailored experience right for them.

  • 51% of older respondents (Gen X and up) liked that online applications eliminated the need to meet in person, only 31% of Gen Z and Millennial respondents felt the same
  • Nearly 1 in 4 less experienced homebuyers (1-2 mortgages) say that a referral from their realtor is one of the most important things when choosing a lender
  • More experienced homebuyer (5+ mortgages) are more likely to consider 3+ lending institutions, but those who are less experienced are likely to only consider 1
  • More experienced homebuyer (5+ mortgages) are more likely to prefer to interact with their lender through online tools with traditional methods supporting the process


1/3 of current homeowners plan to take out a home equity loan in the next year. Are you ready?

Source: 2023 Borrower Insights Survey, ICE Mortgage Technology