While the efficiency of moving towards a digital mortgage system is exceptional, consumers still seem to want that one-on-one interaction with humans, according to a recent report.
Ellie Mae's 2018 Borrower Insights Survey revealed that approximately 16% of homeowners applied for mortgages online in comparison to the 45% that applied in-person, according to National Mortgage News.
Meanwhile, 37% of borrowers used a combination of digital and in-person methods. Naturally, millennials who are used to managing accounts and payments online were the majority of those using online applications at 77% versus 55% of Gen Xers and 43% of baby boomers.
"The trend toward online is a great opportunity for mortgage lenders. As lenders embrace a true digital mortgage, borrowers will get the benefit of both a high-tech process to make things go faster, and a human-touch experience, providing transparency and building their confidence," said Joe Tyrrell, executive vice president of corporate strategy at Ellie Mae, according to the NMN report.
There is a high concentration of borrowers that depend on online applications, however, interacting with borrowers in-person can clear up a lot of uncertainty in the process and hopefully prevent missteps that could occur while completing an online application on your own.
To learn more about why humans and digital mortgage systems need to coexist, click on the image above.