ICE Mortgage Technology™ recently issued its latest “Borrower and Lender Insights Survey”, which found that more homebuyers are taking advantage of online tools to help simplify the homebuying process.
According to the company’s survey, 58% of borrowers said that the availability of an online application process would likely impact their lender decision, which is up 8% from a similar survey conducted in 2018. Likewise, 99.3% of lender respondents believe that digital technologies can help improve the mortgage application process, with the most commonly cited benefits being their simplicity, reduced closing times, and less data entry.
Online applications and portals are currently offered by 91% of these mortgage lenders, with 60% reporting that more than half of their loan applications were completed online in 2020. That said, the survey did find that larger organizations (those with 200 or more employees) have continued to use more traditional methods, as roughly half of these financial institutions reported that less than 50% of their loan applications were submitted online.
For more information, including additional insights, download your free copy of the survey here.
EVO’s Digital Appraisal Forms Streamline Order Management
Tired of using offline spreadsheets and Word docs for managing your real estate appraisal forms? This often confusing process is not only impossible to track, it also requires duplicate data entry – leading to even more risk and longer turn-times. Global DMS’ EVO™ appraisal management software resolves these pain-points by providing digital order and review forms that are 100% configurable, can be automatically selected and pre-populated via intelligent merge fields, and provide complete trackability – ensuring your staff and vendors always have the most up-to-date version of the form as it moves through your unique valuation process.