Here at Blend, we spend a lot of time analyzing data. Our technology processes nearly $2 billion worth of U.S. mortgages every day, and one thing we saw recently really surprised us. When we look at the data, we don’t see any statistical significance among age groups for adoption of digital mortgages. People generally think that millennials gravitate toward the digital mortgage, while older generations shun it. But that’s not what we’re seeing.
We are seeing quite convincingly that the demand for a digital mortgage solution is intergenerational.
Independent research supports this view. Fannie Mae published a study where it found that 66% of all borrowers want a fully digital mortgage process.
“The majority of homebuyers said they’d like to see the mortgage process, from application to close, completed in one month,” Fannie Mae said in the August 2018 study. That compares with the current median process of 35 days nationwide.
Nearly 75% of borrowers said they prefer to fill out a mortgage application online, while 70% want to submit documents online.
At the same time, 65% want to talk to an expert who can explain mortgage terms and options, and 58% prefer a person to help them review final documents.
Fannie Mae’s findings validate Blend’s mission of providing a customer-centric omnichannel experience that meets customers where they are — whether they are applying for a mortgage with their smartphone, from their desktop computer, or during an in-person visit with their lender.
A mortgage — probably the largest financial transaction of one’s life — is complicated. Most consumers want somebody they trust to educate them and help them through the process.
We believe in being omnichannel so we can provide a great digital mortgage solution to our customers.
How Blend simplifies and accelerates the digital mortgage application
Since its inception in 2012, Blend has joined with banks, credit unions, and independent mortgage companies to streamline the mortgage application process. As Blend’s Head of Business Development, I work with my team and others at Blend to help advance this mission.
We have developed a number of core product features that simplify the application process. One of the most fundamental is our ability to facilitate interconnections between applicants and lenders.
- For consumers, we are the digital way they can engage with the lender. They can complete their application and really accelerate the process of getting the home they want as quickly as possible.
- For lenders, we are the platform that facilitates digital engagement with the borrower so they can collect the necessary information to get a really robust, completed application.
“We believe in being omnichannel so we can provide a great digital mortgage solution to our customers.”
Amid a recent decline in mortgage rates — resulting in a jump in home-buying applications as well as a nearly three-year high in refinancings — it’s more important than ever to be able to provide a simple, fast, and smooth experience for your loan customers.
As I mentioned during a recent webinar with HousingWire, Blend takes a very customer-centric view of our product.
You can engage when you want, how you want, and where you want. You can stay in touch with your loan team and get ahold of a person whenever you need that trusted advice.
Blend is easy, simple, and fast. To me that says we are doing the right thing by providing a premium and intergenerational digital mortgage solution.