Consumer Expectations are Changing the Mortgage Process
E-commerce has significantly changed the way we operate — from both a personal and business perspective. As consumers, we’ve become accustomed to packages delivered in two days and groceries in two hours. As professionals in the mortgage industry, we’re seeing the same rising expectations — even when purchasing a home. Today, many consumers start the home buying process at sites like Zillow or Realtor.com®. Given this instant access, they don’t want to slow down for requests like paystubs and W-2s.
In the past, we thought millennials were driving these expectations. After all, this group makes up the largest share of home buyers (according to a recent National Association of REATORS® trends report,) and is often considered “digital natives.” However, other research shows that all age groups — from Gen X to Baby Boomers are embracing technological efficiencies. As a result, the mortgage origination process must evolve to become faster and easier for borrowers.
A New Day for the Mortgage Industry
To meet these evolving consumer demands, technology and workflow innovation are key to streamlining the traditional origination process. Lenders like AmeriSave Mortgage Corporation have demonstrated how tools like The Work Number® for income and employment verifications can help. By obtaining a verification at point-of-sale and other key milestones in the origination process, there can be less paperwork for everyone. It may even speed the time to close. Watch this two-minute video to see what we mean.
Significant change takes time and effort. But mortgage industry professionals who commit to the necessary process and technology changes today — will come out on top tomorrow.
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