Lenders and Borrowers Differ on Priorities for Use of Mobile Technology
Mobile activity is less common in the mortgage space than other consumer finance market segments, but the opportunity is promising, according to research by Fannie Mae’s Economic & Strategic Research (ESR) Group.
The ESR study found about one-fourth of surveyed lenders currently offer a mobile mortgage app, and approximately 40 percent of those who do not currently offer one plan to do so in the near future.
The reasons cited by lenders for not developing an app included the “high cost of IT investment, information security risks, compliance issues, and slow consumer adoption,” says Steve Deggendorf, a director of business strategy for ESR and author of the study.
Tracking Consumer Demand