Digital mortgage survey holds surprising insights
We’ve talked about the digital mortgage process gaining hold in recent years, and many of us have expected it to become mainstream, particularly as digital native millennials enter the home-buying scene, but a new study from Ellie Mae suggests it’s more complicated than that.
Ellie Mae processes 35 percent of U.S. mortgage applications and is perhaps the leading cloud-based platform for doing so. Its goal for the survey was to identify better insights to improve the overall digital mortgage loan process. The results were somewhat surprising.
While three in five respondents said they expected to be able to apply for and complete a mortgage application online, and nearly one in three want a simpler, faster application process, they also want more face-to-face interaction and communication with their lenders. That’s especially true of Millennials where one in three want a higher-touch experience.
More education is needed among renters
The report, “Borrower Insights Survey,” also revealed interesting perceptions of the home loan process among young renters. There, 30 percent said they never expect to apply for a mortgage, and nearly half said they believed they needed to put down 20 percent if they were to apply.
To read the full report, visit elliemae.com.