Technology plays a significant role in housing, with nine out of ten respondents in a new survey saying they use some sort of online technology to help them with the home financial process.
The poll was commissioned by Discover Home Loans and analyzes responses from 1,0003 recent homebuyers.
“As technology continues to become an integral part of our daily lives, it’s only natural that buyers also use it to make the home financing process easier,” said TJ Freeborn, senior manager of customer experience at Discover Home Loans. “Not only are homebuyers using the Internet to look at homes and neighborhoods, they’re also using it to submit documents and complete applications online.”
Additionally, 81% said that technology made it easier to share financial information with their lender and 69% said it helped them keep track of important financial documents.
The industry is in the middle of a shift to a greater focus on online lending.
DocMagic pointed out that this year will be the year of ‘riding’ the eWave, causing some companies like Lenda to completely eliminate the need for loan officers.
However, although 36% of homebuyers said that completing the entire financing process online with no phone calls or in-person meetings would make the process easier, majority still prefer to have a relationship with their mortgage banker.
Nearly all homebuyers surveyed communicated with their lenders by phone, 94%, or email, 88%, while 67% of respondents met in person.
Meanwhile, four out of five homebuyers submitted documents electronically to a lender, realtor or at closing. Of those, nine out of 10 say it was easy to do and saved time.