Mortgage lenders are moving as quickly as possible toward the digital mortgage.
While each lender defines this product slightly differently, the consumer sees it as an overdue evolution in home finance. Our research indicates 87 percent of consumers begin their home buying experience online and expect their lender to deliver on digital expectations seen across other areas of their lives.
The result has been a new, virtual land rush.
What our research found
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 many institutions can still achieve a competitive advantage if they can find a fast pass to the digital mortgage.
What we recommend
- Stop thinking about the digital mortgage as a technology play. It’s about the way consumers expect our industry to operate.
- Start exploring the market for as-a-Service offerings that get the institution closer to the digital mortgage, regardless of how that is defined within your firm.
- Be a first-mover to gain significant advantage over late-comers.
- Seek out a single partner that can manage the lending process from end to end. Fewer vendors make management and compliance easier.
- Find a partner that can guarantee they will deliver your borrowers a digital experience that meets every compliance requirement.