PricewaterhouseCoopers says digital mortgages are the new normal, HousingWire staffer Caroline Basile reports.
In its latest Home Lending Experience Radar report, PwC highlighted three trends in the industry: there’s a continual rise of digital adoption; digital” is being redefined; and new opportunities are presenting themselves for lenders to provide additional value to borrowers.
Roberto Hernandez, a partner with PwC’s consumer finance division, told HousingWire that a company shouldn’t adopt a digital mortgage roadmap that suits the needs of the company, but suits the needs of the customer that they serve today and in the future.
“What I think is changing, and is a big opportunity for lenders, is that digital shouldn’t be seen as a replacement of the loan officer but should be seen as an opportunity to get rid of 100% of the transactional activities that the loan officer does today, so they can spend 100% of their time on clients,” Hernandez said.
The percentage of customers surveyed by PwC who responded that their lender offered digital tools increased significantly in this year’s edition of the report, as did the number of customers who actually use those tools. PwC’s survey showed that most borrowers now make use of a comprehensive suite of digital tools from their lender, even going beyond core online application functionality.
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