Nearly 60 percent of homeowners applied for and completed their latest mortgage application completely in person, according to Ellie Mae’s 2017 Borrower Insights Survey.
The survey also found that more than one-quarter of homeowners (28 percent) applied for their most recent mortgage using a combination of online and in-person interaction; while 11 percent of homeowners applied for their latest mortgage completely online with no in-person interaction.
“There’s no question that technology is playing a larger role in the home buying experience,” Ellie Mae Executive Vice President of Corporate Strategy Joe Tyrrell said in a release. “As we expected, many homeowners are seeking a faster and more streamlined experience. And it’s not just a millennial phenomenon; it’s homebuyers of all ages and both genders.”
“But what’s even more telling is that homeowners still want a personal interaction with their lender. They want someone who can answer important questions, and make them feel confident that everything will be handled correctly and on time,” Tyrrell added.
When asked what would have improved the mortgage process, 40 percent of survey respondents said they would have liked a faster process with fewer delays; 20 percent said a shorter, easier to understand application would be preferable; and 11 percent asked for more communication with their lender throughout the process.
Ellie Mae said millennials were the most likely to begin mortgage applications online and finish them with an in-person interaction with their lender (30 percent), closely followed by Gen Xers (28 percent) and baby boomers (20 percent).
The survey also found that homebuyers most value speed, security and simplicity when applying for a home loan. Millennials and women were most likely to cite security as the most important factor when they applied for a loan. Gen Xers and baby boomers were more likely to value the speed of the process.
While 27 percent of millennials identified the speed of the process as the top area to improve their experience, surprisingly 23 percent cited more face-to-face interaction as the second-greatest opportunity for improvement,” Tyrrell said. “By leveraging technology, lenders can provide a more high tech experience to simplify and speed the overall process, while still having the high-touch interactions when and where homebuyers want.”