Industry professionals helped define the
In a live survey conducted during the conference by NMN and Mortgage Cadence, the majority of respondents defined a digital mortgage as a fully end-to-end electronic process, which includes the
Almost 14% defined a digital mortgage as having an electronic borrower experience and digital internal processes, and about 10.4% claimed a digital mortgage constituted an online experience for the borrower.
Of those participants, only nine voted that they already have a true end-to-end solution in place, with the vast majority claiming they have some, but not all, features available. About 34.4% are still determining the best approach for their specific organization.
Participants cited a number of reasons for not yet reaching their digital mortgage goals, with about 44.1% blaming current internal technology limitations. The second most common reason involved budgetary constraints, followed by stakeholder considerations, such as Board and C-Suite. About 3.5% of professionals claimed the impersonalization of technology prevented them from achieving their digital mortgage goals.
Participants also weighed-in on their organization's timeline for offering a true digital mortgage experience for their borrowers.
Most attendees anticipate being able to offer borrowers a fully digital experience within 18-24 months, followed by almost 18% who said their organizations will be ready in 24-48 months. Only 11 voters claimed they needed over 48 months to offer borrowers a fully electronic experience.
Here's a recap of the survey, with charts to explain the respondents' answers.