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TMC Blog

Study Shows Lenders May Be Missing Out on Mobile Opportunities to Reach More Homebuyers

10/30/2015

1 Comment

 
The growth of mobile technologies has been dramatic in recent years, and online financial activities have risen in accordance with this evolution. Although mobile activity is less common in the mortgage space than other consumer finance market segments, the opportunity is promising for both homebuyers and lenders. Fannie Mae's Economic & Strategic Research (ESR) Group surveyed senior mortgage executives and recent homebuyers through its Mortgage Lender Sentiment Survey and National Housing Survey, respectively, to compare the attitudes of consumers interested in looking for, comparing, obtaining, and applying for mortgages with the interests of lenders in developing and utilizing online technologies for use by their customers.

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.
Overall, the survey results suggest that there remains an important role for face-to-face contact. Many consumers still prefer speaking to an expert at certain points during the mortgage shopping process. At the same time, mortgage lenders should consider the appropriate mix of traditional, online, and mobile mortgage channels and functionality to address the evolving consumer preferences of the particular market segments they serve.

To learn more about the findings, read our latest FM Commentary, Mortgage Lender Sentiment Survey Topic Analysis, and National Housing Survey Topic Analysis.
1 Comment
0800 mobile app link
1/12/2017 05:30:56 am

If you're relatively new to mobile apps, you might be thinking "what does a mobile app actually do?" or "how can I use an app?". If that's you, then I hope to clear the muddy water a bit...

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    Rich Swerbinsky

    TMC - Chief Operating Officer

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