A survey from independent mortgage bankers’ alliance The Lenders One Cooperative discovered that 74% of respondents are very concerned about the safety of consumers’ personal data during the mortgage origination and trading process.
That said, more than half (56%) said they believe that improving efficiency is the key reason for investing in mortgage technology. Offering a better customer experience was cited by 26%.
Mortgage lenders identified streamlining workflow as one part of the current mortgage origination process that can be improved by technology.
“Mortgage professionals today realize the need for technology to drive efficiency, reduce the cost per loan and streamline daily tasks and interactions with customers,” said Michael Kuentz, President of Lenders One. “At the same time, there is rising concern regarding privacy protection as lenders increasingly integrate technology into traditional processes.”
Alongside technology, training employees was cited by 42% of respondents as a key to attracting and retaining talent to ensure the right people with the right training can drive their business forward in the future.
When asked about the market, 46% of respondents said it would be a modest sellers’ market in 2018, with 25% expecting a heavy sellers’ market. A modest buyers’ market was forecast by 17% with a heavy buyers’ market expected by 8%; 4% were unsure.
When asked which factor will have the greatest impact on the mortgage industry’s growth in 2018, nearly half (47%) of respondents chose potentially higher interest rates, followed by continued increases in home values (18%) and innovation in banks’ menu of mortgage products (17%).
More market update:
Information and data security is an increasing concern among mortgage professionals.