5 Important Market Trends Affecting Today’s Digital Mortgages

Jason October 19, 2022 0 Comments

Digital mortgages are here to stay. Still, the lending industry will always be affected by broad consumer trends. What are the most important market trends affecting today’s digital mortgages?

Here are the top 5:

1. Consumers Already Rely on Digital Tools

American consumers rely on digital platforms for online shopping, banking, and more. It’s only natural that homebuyers would rely on digital tools to shop for digital mortgages. More specifically, borrowers are shopping with their thumbs. Mobile technology increasingly dominates the world of online behavior.

To stay competitive, lenders will need to optimize their sites to work well on various devices. This setup includes the layout itself, as well as offering intuitive menus and application features.

2. Borrowers Expect Lenders to Always Be Available

Borrowers expect 24/7 convenience and attention. Sounds impossible, right? But you can nurture client relationships using automated communication tools.

For instance, if a borrower has completed a vital part of the mortgage process, your digital system can send an automated message. This way, borrowers can feel that they are receiving personalized attention. As a lender, this also helps you keep in touch with more clients.

3. Customers Expect Speed

This particular market trend is unlikely ever to change. Customers expect a speedy process. They want fast approval in the earliest phases and to move through the mortgage pipeline more efficiently.

Errors can create major snags in the lending process. It takes time to locate the source of these errors. A digital platform can minimize errors that come from data entry. As a result, borrowers enjoy a faster experience.

4. Consumers Have Concerns About Social Equity

Concerns about social injustice dominate the consumer landscape. Data indicates that some Americans have been denied loans due to their minority status. This reality raises doubts about the fairness of today’s mortgage lenders.

Digital mortgages can combat this skepticism. The digital lending process emphasizes loan approval based on finances, not identity. The right tools can eliminate unconscious bias and provide your customers with social equity.

5. Specialization in a Competitive Market

Digital lenders rapidly discover that their services are not unique. If anything, the number of digital lenders will only increase in years to come. What can you do to set yourself apart from the competition?

Many lenders choose to emphasize a particular area of specialty. This area might include loans for first-time homebuyers, low-income loan programs, or other mortgage products.

While offering various options, specialization can help you carve out a niche. It might also help other real estate professionals recommend your services to customers seeking a specialized loan.

Stay Ahead of the Curve

Keeping up with consumer trends is easier than you think. The BNTouch platform can help you with anything from marketing to communication. Our innovative customer relationship management platform provides an all-in-one solution for every lending practice. Want to learn more?

Contact BNTouch today to request a demo.

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AboutJason Richardson

Jason specializes in digital marketing strategies and founded a digital marketing agency Richardson Digital Media™. Richardson Digital Media™ has quickly become a preferred marketing provider for real estate companies and nationwide mortgage lenders. Jason has won 9 President’s Circle of Excellence Awards for loan production over his career and was most recently honored as one of National Mortgage Professional Magazine’s “40 Under 40: The 40 Most Influential Mortgage Professionals.”