The experts at Docutech have recently identified a number of the most important trends currently at work in the mortgage industry. We have been looking to the future to see what mortgage professionals can expect. Our findings were recently published in an eBook entitled Lending Technology: Three Key 2018 Trends Shaping the Future.
One of the keys uncovered in our research is that customer satisfaction has arguably never been as important as it is now, and that the key to making the most of this lies in effectively leveraging technology.
Increasing origination costs as well as falling loan volumes threaten business viability for many lenders. Finding a way to get more business is a top priority for many lenders.
The largest segment currently seeking homeownership and driving housing demand is the tech-savvy millennial generation. In order to capture that market, lenders must understand that millennial home buyers expect and appreciate digital options, mobile options and technological ease.
To maximize profit margins in a market that has modest purchase growth (up by around 5% for 2018) and a significant drop in refinance business (down about 20% from 2017), lenders are relying on the ongoing evolution to paperless and digital mortgages to drive both business efficiency and customer engagement.
What all borrowers ultimately want is ease of use. They tend not to notice which parts of the mortgage the lender completes digitally versus manually as long as the experience on their end is fast, smooth, and easy.
This is one area in which a lender’s doc prep partner is in the perfect position to help. Convenience is often measured by the borrower in terms of how easy it is to get information from the lender and to deliver signed documents back for loan processing.
Innovation-focused document technology providers are making it easy for lenders to electronically deliver information to borrowers, such as compliant disclosures and loan documents, and that spells satisfaction for consumers.
For more on what Docutech’s experts have discovered about the trajectory of the mortgage industry and what lenders can expect, read Lending Technology: Three Key 2018 Trends Shaping the Future, and you can always find more information on our website.