New Data Compares Lender and Borrower Expectations

Delivering better engagement is an important differentiator for lenders in today's competitive mortgage market. And understanding the needs of borrowers is often the key to effectively driving the engagement that converts leads into loans. By reaching out to borrowers how and when they prefer to be engaged, lenders have been able to increase their loan volume despite the tight housing inventory across the United States.  

Ellie Mae recently conducted two surveys which sought to uncover what’s most important to borrowers during the loan process and how lenders are truly performing based on borrower feedback. The results from our lender survey, which polled over 200 U.S. mortgage lenders, provided a ground-level view into the changing market dynamics lenders face, as well as tactics they use to drive business, modernize their offerings, and better serve borrowers. And our borrower insights survey revealed insights from 2,000+ homeowners and renters examining how lenders can better customize relationships with each unique borrower.

Borrower demand for online options has increased 18%.

The survey results found that there is immense demand from borrowers for digital tools that can help improve the customer experience. In fact, borrower demand for online options has increase 18% in the past two years alone. To meet this demand, 93% of lenders are now offering online portals for borrowers and 70% shared that one-third or more of their borrowers use an online portal to submit electronic documents.

Another digital tool borrowers are looking for from lenders is the mobile application. Less than half (49%) of lenders offer their borrowers a mobile application today, but, from the borrower insights survey, we found that 78% of borrowers who acquired a mortgage in the last year and were offered electronic options used the mobile application.

What borrowers appear to want is choice. They are looking to their lender to provide options so they can choose how they prefer to be engaged. And to meet these demands, lenders need to offer more robust ways for borrowers to interact with them online and from their mobile devices. They also need to ensure that loan officers are using the tools that customers prefer and educating their borrowers about the benefits of mobile applications.

Now explore the comprehensive survey results.

Check out our new “The Digital Mortgage Opportunity: A Perspective from Lenders and Buyers” eBook to discover all the survey findings and get actionable tips to help bridge the divide between homebuyer expectations and lender offerings.

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