Sam Gendusa February 25, 2022

Newsletter - February 2022

By now, most lenders have adopted mortgage tech that enables homebuyers to apply for loans online, but a shifting market demands even more investment in automation.

The Mortgage Bankers Association predicts the 30-year fixed-rate could reach 4% before this year is over, which will reduce the consumer interest in refinancing that made 2021 a banner year for lenders. The MBA’s forecast sees total origination volume dropping 33% to $2.59 trillion this year (and $2.53 trillion in 2023).

As lenders compete for fewer borrowers, those who invest in mortgage tech that makes the consumer experience simple and easy will come out on top – not just in 2022, but in the years to come.

Tech-savvy Millennials accounted for 37% of home purchases last year, according to the National Association of Realtors’ 2021 Home Buyers and Sellers Generational Trends Report. And as their influence over the housing market grows, lenders must evolve to keep up with their expectations.

In a survey by ServiceLink, 39% of younger consumers said they’d like to be able to complete more homebuying milestones online, such as scheduling appraisals, inspections, and closing appointments online. Zillow found that 39% of Millennial and 36% of Gen Z consumers would be comfortable purchasing a home entirely online (compared with 19% of Gen X and Silent Generation consumers).

In addition to improving customer experience, bankers who sell mortgage assets will benefit from cleaner, more accurate data as they automate more processes.

“Mortgage originations are cyclically projected to decline for the next couple of years for a few reasons,” said Brian Anderson, principal and senior director at Nationwide Ventures. “So it’s going to put a lot of pressure on financial institutions and mortgage bankers and so on to create good experiences, invest in technology and great, great files.”

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