Industry leaders are eager to make the transition to the digital mortgage because they understand that today’s consumer expects a fully digital process.
While each lender defines this product slightly differently, the consumer sees it as an overdue evolution in home finance. The borrower will judge the experience on ease of use and electronic communication. The result has been a new virtual land rush.
The institutions that stake their claim first in the mind of the consumer will have first-mover advantage in the new mortgage market. While the largest banks are already in motion, real estate remains a local business and a great many institutions can still achieve a competitive advantage if they can find a fast pass to the digital mortgage.READ THE REPORT [PDF]