We all know HousingWire readers are some of the most savvy lenders in the industry, that’s why it came as no surprise when a survey conducted jointly by HousingWire and Maxwell, a winner of HW’s Tech100 for the second straight year, showed only 14% of lenders answered they do not have a digital mortgage application for borrowers.
A closer look showed which types of lenders were the most likely to not have online apps, as shown in the infographic below.
Also not surprising was that 22% of lenders who cited their business was made up of only themselves did not have a digital mortgage application, compared to only 9.5% of lenders in companies with 51 to 100 employees.
However, after 100 people, that number once again begins to climb. For companies with 101 to 500 employees, 11% said they do not have an online mortgage application, and 18% of respondents from companies with more than 500 employees answered the same.
But a digital mortgage application is just the beginning to submerge borrowers into the full digital mortgage experience. The infographic below also breaks down the numbers for lenders who use a borrower portal.
Overall, about 36% of lenders do not currently use a borrower portal, check out the details below.