With mortgage rates on the rise, lenders are going to have to improve the borrower experience to beat out the competition.
Mortgages are undergoing a radical transformation due to changing social and economic circumstances. Home purchases, in particular, have recovered from the pandemic’s lows, and people are now demanding larger spaces for work-from-home provisions.
With 30-year fixed interest rates reaching all-time lows in 2021, we can expect mortgage rates to rise steadily through 2022 and 2023. Increasingly borrowers will demand a frictionless journey, hyper-personalized products, and lightning-fast processing. In today’s customer-centric world, a borrower expects the home purchase to be as simple as applying for a credit card. With increasing rates, lenders will need to differentiate based on delivering a seamless end-to-end digital experience. To do so, will require collaboration across lenders, brokers, advisors, and other value-creators.
This whitepaper discusses the technology required to achieve collaboration across all stakeholders in the mortgage process and will help organizations to visualize the radical transformation journey across the mortgage value chains.
