Applying for a Mortgage Is More Digital Than Ever. So Why Isn’t It Easy?
Financial institutions have spent years digitizing the mortgage and HELOC process. Today’s borrowers can research products online, start applications, and even upload documents electronically without ever visiting a branch.That is real progress. But digital doesn’t always make the process easy.Borrowers still lose momentum at surprisingly ordinary moments. Maybe the application asked a question they don’t understand, they’re not sure which document they’re supposed to submit, or they just don’t know what to do next. Whatever the reason, when borrowers lose momentum, lenders can lose valuable opportunities along with them.Consumer Expectations Have Changed. People are accustomed to finding information, completing tasks, and accessing services on their own timelines. Those expecta...