Reach the new wave of borrowers with a digital mortgage experience

by Nicole Valentin-Smith and Allen Pollack, Fiserv

As it turns out, consumers want it both ways. They want hands-off, do-it-myself digital banking services – until they don’t. Consumers want to choose how and when they go it alone and when they seek face-to-face interactions in the branch.

Those same expectations extend to mortgages. People want the convenience of applying online but also the ability to engage the lender via any channel they choose should a question arise.

Consumers seem willing to do things differently if it helps to expedite the loan process, according to the most recent quarterly consumer trends survey from Fiserv. The Expectations & Experiences: Borrowing and Wealth Management survey found that as much as half of recent home application tasks are being completed online, although using a mobile device to complete those same tasks is still relatively rare. Borrowers who applied for a loan in the past five years used online or mobile capabilities to electronically sign loan documents, photograph and upload loan materials and driver’s licenses, and verify identities.


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