Proprietary insights from Leslie Parrish, senior analyst at Aite Group, show that banks and credit unions are losing ground in the battle for mortgage originations. Consumers face several challenges when it comes to understanding the mortgage process, including issues related to the down payment, appraisals and closings. Simultaneously, consumers are looking to lenders for a host of new capabilities that increase transparency and aid in streamlining the mortgage process.
While understanding consumer pain points can help financial institutions identify opportunities for gaining back market share, findings from Parrish also indicate that banks and credit unions aren’t well-positioned to respond. Lenders cited legacy technology and inefficient back-office processes as just a few of the impediments they face when it comes to meeting consumer preferences.
The way forward for financial institutions includes understanding these pain points, seeking technology and utilizing APIs to help expand your mortgage footprint.
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