Lenders speak on the homebuying process

I recently posted about the research results our friends at Blend and Aite-Novarica shared regarding the homebuying experience. They surveyed more than 2,000 American consumers with a recent home-mortgage purchase, and then spoke directly with lenders about the challenges in today’s market. We hosted them for a webinar and here’s what they had to say about the lenders’ perspectives on reshaping the homebuying journey.

Lenders aren’t involved in the buying journey as early as they could be. The homebuying process has been reshaped by digital tech, but in some ways not enough, and not all of the changes have been positive for lender/buyer relations. In particular, lenders told Blend that less than half the time are they included near the beginning of the search process. Many buyers still must be told by agents to seek out information on their creditworthiness, which usually includes referrals by the agent to specific lenders. And because the overall buying process has been accelerated, lenders note that many potential borrowers carry unrealistic expectations about low rates and quick decisions into these discussions. Finding more opportunities to engage with buyers earlier in their search process would help credit unions earn more business.


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