Mortgage survey: Borrower expectations vs financial institution hypotheses
It has been a wild ride for mortgage lenders in 2020 and it has not slowed down for many. Amid the pandemic and roller coaster ride for mortgage lenders, we conducted a survey of both consumers and financial institutions. The purpose was to gauge consumer attitudes toward their mortgage lending experience and to see how well financial institutions were navigating the trends. The results, drawn from 300 respondents, age 25-64, across the U.S., confirm what industry experts already suspect. But is your community bank or credit union doing what consumers expect?
Join us as we dive into the survey findings to see if your mortgage lending experience matches what borrowers want. See a sneak peek at some findings from borrowers below:
- 73% say rates are most important when selecting a mortgage lender
- 52% say they prefer to apply for a mortgage online
- 75% would like to see an improvement on the loan process speed