HOUSINGNEWS REPORT
MY TAKE
Shifts Ahead: Demographic Clarity for Business , a new book from John Burns Real Estate Consulting. Many of these first-time buyers grew up alongside technology and expect their mortgage experience to meet the same high standards set by their ability to seamlessly book travel online or order a car via their mobile devices. The first generation of online mortgage lenders allows borrowers to fill out an online application at the start of the process, in the same way the first
generation of online travel companies allowed customers to put their travel preferences into an online form before being passed along to a booking agent. But the generation of consumers poised to enter the housing market expect more, starting with an experience designed to meet their specific needs. A Personalized Mortgage Experience Digital natives have grown up alongside streaming video services that quickly learn whether they prefer quirky dramas to lighthearted comedies and
music apps that use their listening history to create curated playlists. When they provide information about themselves to a company, consumers who have grown up in a digital world expect to receive products and experiences customized for their preferences and personal situation in return. And they expect to be able to see and understand those products online, not via lengthy phone conversations with a sales representative. Choosing a mortgage is something that most consumers will do only a handful of times in their lives. So while many will do some research on the differences between a 30-year fixed and a 5-year ARM, they turn to their lenders to understand their situation—ideally via data provided online—and help them find and choose the product that best fits their situation. They want to be able to see the impacts of trading points—exchanging paying more up front for paying less monthly, or vice versa—on their estimates and then actually trade points with the click of a button. Transparency from the start into monthly payments and estimated fees is essential for gaining the trust of these homebuyers, who tend to be more skeptical than their parents, especially when they’re being sold to. Control For the Customer For today’s homebuyers, the desire for control over their mortgage starts with finding a product customized for their situation and then extends through the
Transparency from the start into monthly payments and estimated fees is essential for gaining the trust of these homebuyers, who tend to be more skeptical than their parents, especially when they’re being sold to.”
ATTOM Data Solutions • P11
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