Mortgage

HousingWire survey: Are lenders adopting digital technology?

Infographic shows market still lagging in borrower portals

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.

HW/Maxwell survey – the digital process by Kelsey Ramirez

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