OBJECTIVES AND BARRIERS IN THE MOVE TO A DIGITAL MORTGAGE
With an industry-wide goal of migrating to a digital mortgage, lenders are identifying what is driving the move, how much progress has already been made, and some of the barriers standing in their way. Learn more from the results of a survey of 125 mortgage lenders.
KEY OBJECTIVES FOR A DIGITAL MORTGAGE PROCESS
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54% of respondents
said improving customer experience is a key objective for using digital applications and software during the lending process.
40% of respondents
said reducing costs is a key objective for using digital applications and software during the lending process.
37% of respondents
said improving technology and automation is a key objective for using digital applications and software during the lending process.
Lenders are under intense pressure to change the way they operate in order to compete effectively. Therefore, it is no surprise that improving customer experience is a key objective in their migration to a digital process. As millenials continue to expand their total net worth, they have officially entered the housing market. As a generation, this group is more digital than others before them. This means lenders must address this changing demographic and adapt to their financial behaviors.
PROGRESS SO FAR
While moving to a fully digitized mortgage process is in progress for many lenders, the majority of them are already offering a digital approach in their point-of-sale systems. With so much emphasis on creating a better customer experience, these lenders are offering digital capabilities that are important to borrowers.
73%
of respondents said that they are currently using a document management system in the lending process.
71%
of respondents said they are currently using a loan origination system in the lending process.
68%
of respondents said that they are currently using an e-Signature in the lending process.
THE FUTURE OF THE MORTGAGE EXPERIENCE
While there may be barriers to offering a fully digital mortgage process, many believe it's coming sooner than expected.
of respondents cite internal technology limits as their primary barrier to offering borrowers an end-to-end digital mortgage experience.
of respondents said that organizations are either currently ready to offer an end-to-end digital mortgage or will be ready within the next six months.
