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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:
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.
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.
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.
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.
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.
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?
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Starting Oct 12, 2022, Facebook will discontinue its “Special Ad Audiences” feature for ad targeting. This major announcement poses a significant hurdle for all financial institutions –including brokers and loan officers –who use Facebook ads as part of their lead generation.
Register for “New Facebook Ads” Webinar
The ‘special ads audiences” is a tool that allowed advertisers to define their target audience. This category only applied to ad campaigns that dealt with credit, employment, politics, and housing, and it aimed to help advertisers define their audience while minimizing possible discriminatory practices that would violate federal laws.
Facebook ads in the above-mentioned categories were required to use the “special ads audience” tool, according to Meta ad policies. However, this tool will no longer be available beginning Oct 12.
Any ads currently using the “special ads audience” tool will also pause.
This major update is part of a settlement agreement with the DOJ where Meta (Facebook) was accused of algorithmic discrimination. It was alleged that Meta’s mortgage and housing advertising algorithm discriminated against users based on race, color, religion, sex, disability, familial status, and national origin.
The complaint also asserted that Meta’s advertising algorithms partially relied on those factors that are protected under the FHA.
While this change creates a significant obstacle for Facebook mortgage marketing, it does not mean mortgage ads on Facebook are dead!
Advertisers will still be allowed to run mortgage ads to their page followers and will be able to market their page to grow their following — all of which stress how critical it is to grow your digital presence and real estate partnerships.
At LenderHomePage, we’ve long understood the power of leveraging these factors for business stability and scalability.
Join us for a special webinar this Thurs, Oct 14. Led by our the Voice of Customer champion, Kwe Parker, this not-to-be-missed live webinar will give you the insight and tools you need to leverage Facebook advertising in 2023.
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American consumers have come to expect a frictionless digital shopping experience. They bring these same expectations to their digital mortgage lender. Connecting with your clients means understanding their expectations. Here are 5 reasons why homebuyers come to digital mortgage lenders:
For first-time homebuyers, the lending industry is unfamiliar territory. Digital mortgage lenders provide resources that let customers learn more about the process. Borrowers use these resources to learn more before contacting a lender.
Are you struggling to generate content? Consider how the right customer relationship management platform can help. You can create customized videos, social media content, and more.
Digital mortgage options let customers shop around. A Freddie Mac survey showed that borrowers saved an average of $3,000 when they took the time to compare rates between five different lenders.
Additionally, the digital process gives buyers time to consider their options. They can come to a final decision without the pressure of an in-person mortgage broker. It’s easy to compare rates and each mortgage company’s features.
Customers expect speed. Digital mortgage lenders rely on the latest technology to provide fast, accurate results. This setup means that borrowers will have an easier time receiving approval. It also means that borrowers will easily flow through the entire process.
A digital platform minimizes human error. Errors can cause major snags in the lending process and impede the customer journey. Digital lenders can end these errors to keep the process moving.
Digital mortgage lenders do more than streamline the process. They also improve the odds of approval. Applying to many lenders increases the chances that at least one lender will approve the loan.
This tactic makes sense for historically underserved and minority populations. Some individuals are denied loans because of race or sexual orientation. But a digital system bases decisions on their financial history alone. This setup eliminates the possibility of unconscious bias and provides a fairer process.
Borrowers appreciate strong communication. But they don’t necessarily expect a human touch each time. A digital platform can automate your communication. Clients receive an email when a key phase of the process is complete.
Additionally, a digital platform can centralize your communications. You don’t have to worry about missing a question from your borrowers. These platforms organize your documents to further speed up the customer journey.
Your customers deserve the best. That’s why mortgage lenders are increasingly turning to the BNTouch platform. Our digital tools can help you market your business and connect with clients. Discover these features for yourself. Contact BNTouch to request a demo, and start your journey to becoming an industry leader.
Learn more about what our solutions can do for your business. You’ll be glad that you did. Reach out today.
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