More consumers feel at home with online mortgage origination

Rarely do new homeowners describe their mortgage origination experience as fast, easy or convenient. That may be changing as consumers grow more comfortable with digital loan practices – and lenders reset expectations on how to deliver a mortgage experience in step with the way people live.

It’s now fairly common for consumers to have completed some aspects of the loan process online, according to the most recent quarterly consumer trends survey by Fiserv. The Expectations & Experiences: Borrowing and Wealth Management survey found 46 percent of consumers who have a loan have accessed their loan or lease statements online, while 42 percent have gone online to schedule payments. Forty-seven percent of consumers would be comfortable applying for a primary mortgage online.

And when thinking about future loans, many consumers are comfortable researching, applying for and managing their loans online, the survey found. Comfort levels with mobile are considerably lower, although younger consumers are far more likely to say they’re open to using their smartphone or other mobile device for their loans.

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