- Business Rules
Survey Says: A Report on Digital Mortgage Trends and Preferences – Part 2
In our last post, we introduced you to a new trend report focused on connecting with today’s borrowers. Through research, we found that the vast majority of today’s borrowers prefer digital mortgage solutions and online methods to explore, apply for and manage their loans.
Not surprisingly, considering the pervasiveness of online shopping and information gathering options, online borrower activity now starts at the very beginning of the loan process. In fact, in the last year alone, 92% of borrowers did online research prior to reaching out to lenders, compared to 57% between five and ten years ago.
Our report further indicates that Millennials are twice as likely as Boomers to start the loan process online. They also prefer to make the initial lender contact online more frequently than Boomers (43% vs 24%). This has obvious implications for lenders as the population of Millennial homeowners continues to grow.
All of this begs the question: what kind of digital profile are you putting out there? Much like the dating scene, potential borrowers are checking you out. Will they like what they see? The clarity of information you provide, coupled with the ease of your online experience will make or break the borrower’s decision to make a commitment.
Download the full report to learn more about how today’s borrowers are operating online, and how you can better connect with them.
We also recently hosted a webinar New Growth Trends In Online Loan Activity, where we explored borrower preferences and digital mortgage trends in more detail.