The results show that:
- Homebuyers in increasing numbers are going online to get their mortgage using both personal computer and newer mobile-based technologies.
- Consumers' desire to shop and apply for a mortgage via a mobile device (smartphones and tablets) in the future is more than twice the current usage.
- Although only 12 percent of recent homebuyers say they have used mobile devices to get a mortgage quote, 30 percent say they would like to use a mobile device in the future to obtain a quote.
- Lenders still favor more traditional channels (loan officers, branches, and third-party partnerships) to digital channels.
- Approximately three out of four lenders do not offer a mobile app to help consumers shop for a mortgage. Forty percent of those lenders who do not offer a mobile app plan to make one available over the next 12 months.
- Lenders say the most important mobile functionality include allowing consumers to get pre-qualification, connect with loan officers, fill out application forms, and track the application process, while consumers are more interested in using mobile devices to obtain a mortgage quote.
To learn more about the findings, read our latest FM Commentary, Mortgage Lender Sentiment Survey Topic Analysis, and National Housing Survey Topic Analysis.