Dublin, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The "Future of Mortgage Lending in the United States 2022 - Mortgage Industry Changes Will Be Driven by New Borrower Expectations" report has been added to ResearchAndMarkets.com's offering.
The Future of Mortgage Lending report addresses the expectations of consumers in a digital world and takes a look at how the mortgage experience is changing for borrowers and businesses following the robust growth of recent years.
As younger generations approach home-buying age and startups with different business models than traditional lenders come forward, the industry will need to adapt.
During an unprecedented period of record growth, the mortgage industry, for the most part, has produced satisfied consumers. But mortgage lenders face headwinds as business returns to more normal levels of activity similar to what they were before the coronavirus pandemic and profit margins decrease.
Lenders are competing for a smaller pool of customers and borrowers are coming in expecting a faster, more automated experience. At the same time, the value of personal customer relationships has not lost its importance.
Some of these expectations are not new, though. The groundwork was already being laid for an end-to-end digital mortgage experience, as fintechs have been busy developing tools toward that goal for years. COVID-19 accelerated some of these digital trends and underscored the need for more technological innovation.
While the majority of consumers are relatively satisfied with the mortgage experience, borrowers are still encountering speed bumps that need to be removed for the industry to fully meet client expectations. Younger consumers, including those who will be the industry's primary clients in the coming years, are entering the market with a distinct set of needs that differ from those of their elders. Improved speed and efficiency, as well as enhanced methods of education and communication to would-be homeowners, will go a long way toward increasing satisfaction.
"The lender of the future has to be nimble, has to automate, has to be able to anticipate," said Matthew Moosariparambil, director of banking, insurance and capital markets at management consulting firm Guidehouse.
Key Topics Covered:
- Introduction
- Key findings
- About this report
- Overall satisfaction with the lending experience is high
- Borrowers expect faster and more automated experiences
- Consumers are becoming more willing to go digital. Are lenders?
- Lenders can do more to keep up with consumer needs
- Despite automation, client relationships aren't going away
- Interest rates alter the lending outlook
- Conclusions
For more information about this report visit https://www.researchandmarkets.com/r/xfrf7m-of?w=12
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
