Virtual Mortgages are on the rise, what can you do to create competitive advantages and not stay stagnant?
According to the Mortgage Bankers Associate chart on overall loan volume from 2008 to 2015, the large banks have lost 50% market share in 7 years to non-depository lenders.
What will the Virtual Mortgage makeup look like in 7 more years? What if the large banks lose 50% more loan volume by 2022?
That would put the large banks at less than 12% market share. Who will own the Virtual Mortgage market share? Credit unions and community banks have been lacking in technology innovation in the Virtual Mortgage space and therefore have stayed stagnant at 6% and 12% respectively.
Consumers are starting the buying process and loan approval process online first. With majority shopping 2-3+ lenders. This starts off the buyer’s digital journey and first impressions of the digital mortgage process. 50% of the home’s sold in 2017 the homebuyer was under 36 years old. The demographics are changing and the demand for a Virtual Mortgage experience is too.
Creating a competitive advantage is critical to beating out the competition. It’s not just anymore about interest rates, it’s about the customer experience. Homebuyers rank customer experience only 2 points less than the interest rate in selecting a mortgage company.
Why are non-depository lenders winning market share?
- Innovation in Technology
- Customer Experience
- Availability (Non-Traditional Banking Hours)
- Spend and Response Time
They are investing millions of dollars in technology and not physical locations. They are investing in a Virtual Mortgage experience.
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