How Digital Technology Changed The Face Of The Mortgage Industry

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Here's how digital technology changed the face of the mortgage industry:

According to the survey, the importance of lenders offering digital solutions such as online applications during the lending process increased for borrowers in 2020, with 58% saying the availability of an online application would affect their lender decision . While still important, the offering of a mobile app specifically was less likely to influence borrowers’ lender selection, with 47% saying availability of one would factor into their decision in 2020 .

Not surprisingly, decreased in-person interactions grew in importance in 2020, as just 37% of consumers in 2018 cited “no need to meet in person” as something they liked about their online application process. Whether they had been through the mortgage loan process or not, 63% of consumers surveyed believe that an“From a borrower’s perspective, the pandemic has accelerated the demand for a consistent, digital first borrowing experience,” said Tyrrell.

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