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Okay, let’s take a look at the bright side. According to a recent First American survey of title and real estate professional’s, confidence in transaction volume growth over the next 12 months increased by 0.5 percent from the third quarter and increased by 5.3 percent compared to a year ago.
With rates anticipated to remain relatively low and increased property values, confidence in refinancing transaction volume growth over the next 12 months increased by 4.6 percent from last quarter and increased by 2.7 percent compared to a year ago.
Based on this survey, 72.9% of respondents indicated that online mortgage calculators and financial planning tools are either “very effective” or “somewhat effective” in assisting home buyers.
Educational material was rated the same by about 50% of those surveyed. This bodes well for lenders offering such services.
Other services offered by lenders that were highly rated are:
- Loan approval applications/digital mortgages (62.4 percent)
- eSigning documents with an in-person notary (55.0 percent)
- Document preparation (48.0 percent)
- eSigning documents with online/remote/webcam notary (47.1 percent)
It’s obvious that FinTech has a major role in satisfying consumers wants and needs. Hopefully, you are now offering these services. If not, you may find it increasingly more difficult to find new business in 2018.
It’s clear there is some optimism for new business in 2018, both in refinances and purchases. With increasing equity, we may also see a rise in home equity lending.
To compete, you need the technology to support the digital services now being required by both homeowners and home buyers.
No more snail mail, stare and compare, waiting on hold, or extended loan approvals and closings. Consumers want instant access, information, and gratification. Are you ready to deliver?
If not, you need to get started…now!
