Until recently, lenders could plausibly argue that the question was unfair-they couldn't offer better consumer experience because of the regulations that govern them, the documents they must review, the complexity of the decisions they make, and the thin profit margins they earn. Today, however, customers have had a taste of the digital mortgage experience through providers such as Quicken.
In this Point of View we explore the digital capabilities we believe will quickly become table stakes for mortgage lenders, especially as third-party providers emerge to offer solutions for the required capabilities and as investors and guarantors accept and encourage their use. Given today's increasing level of competition, we anticipate that digital offerings will quickly evolve to take advantage of already-available technologies in addressing hassles in the application process.
