BEFORE COVID-19: More than 82% were already aggressively or very aggressively pursuing the digitization of key processes. FUTURE PLANS: Within 6 months to a year 84% plan to be able to provide a totally digital customer-facing mortgage experience (including virtual closing).
BEFORE: More than 95% were already aggressively or very aggressively pursuing the digitization of key processes. FUTURE PLANS: Within 6 months to a year, 81% plan to be able to provide a totally digital customer-facing mortgage experience (including virtual closing).
BEFORE COVID-19: 91% were already prioritizing digitization. FUTURE PLANS: As a result of experiences gained from COVID-19, 89% are planning to continue to prioritize technology innovation.
BEFORE COVID-19: 78% were aggressively or very aggressively pursuing the digitization of key business processes. FUTURE PLANS: 87% reported that they agree or strongly agree that the demonstrable benefits of technology investment to-date will drive more investment in innovation.
It’s obvious that digitization is transforming key processes across the mortgage industry. But as lenders seek to meet the changing needs of consumers amid the COVID-19 pandemic, how did their digital focuses, goals and timelines evolve? From the C-suite to underwriters to sales professionals – explore the experience to see what your peers hope to achieve, what technology they’re prioritizing and how quickly they’re looking to innovate in this challenging environment.
The Acceleration of Innovation in the Mortgage Industry
Small Lenders
THE MAIN FOCUS: 42% are focusing digitization efforts on Improving the customer experience.
Online Lenders
THE MAIN FOCUS: 41% are focusing digitization efforts on Improving the customer experience.
Large Banks
THE MAIN FOCUS: Reducing costs, boosting efficiency and improving customer experience.
Regional Banks
Click to explore predictions by institution size.
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PERFORMANCE AMID COVID-19: Room for Improvement 25% of professionals from online lenders reported they were caught by surprise but put together a response plan. More than 20% said they had a robust contingency plan in place, were able to move swiftly, adapted as needed and performed as well as possible. THE IMPACT OF COVID-19 ON REVENUE: More than 43% reported growth in mortgage revenue.
PERFORMANCE AMID COVID-19: Still Have Work to Do 33% reported that, while they put together a response plan, they recognize they still have work to do. Only 8% said they had a robust contingency plan in place, were able to move swiftly, adapted as needed and performed as well as possible. THE IMPACT OF COVID-19 ON REVENUE: More than 32% reported growth in mortgage business revenue. 30% reported reduced mortgage revenue.
PERFORMANCE AMID COVID-19: Room for Improvement Over 25% said they did as well as could be expected under extraordinary circumstances. 11% said they had a robust contingency plan in place, were able to move swiftly, adapted as needed and performed as well as possible. THE IMPACT OF COVID-19 ON REVENUE: Nearly 29% reported growth in mortgage business revenue.
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Responding to COVID-19: How Prepared Were Institutions Like Yours?
The global pandemic drove an increased demand among consumers for a low-touch, no-touch mortgage process. Simultaneously, historically low interest rates resulted in unprecedented volume, due in part to refinance business. How prepared were lenders to meet these changing and increasing demands? Learn how COVID-19 impacted mortgage revenues and how institutions said they performed in response to the pandemic.
PROGRESS: Only 25% of back office mortgage professionals characterize their progress as “industry leading.”
PROGRESS: Only 31% of client-facing mortgage professionals characterize their progress as “industry leading.”
PROGRESS: Only 28% of IT mortgage professionals characterize their progress as “industry leading.”
Click to explore responses by instituion size.
PERFORMANCE AMID COVID-19: Room for Improvement 30% reported that, while they put together a response plan, they recognize they still have work to do. Only 8% said they had a robust contingency plan in place, were able to move swiftly, adapted as needed and performed as well as possible. THE IMPACT OF COVID-19 ON REVENUE: While more than 39% saw no change in their mortgage revenue, 27% reported revenue growth.
Wearables
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Moments
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More than 89% agree / strongly agree that the COVID-19 crisis is serving as a powerful catalyst for digitization at their firm. DIGITIZATION STRATEGY PLANS: Spend more on technology + Improve security around remote processes.
C-Suite
100% agree / strongly agree that the COVID-19 crisis is serving as a powerful catalyst for digitization at their firm. DIGITIZATION STRATEGY PLANS: Spend more on technology + Accelerate tech development + Improve security around remote processes.
Back Office
More than 84% agree or strongly agree that the COVID-19 crisis is serving as a powerful catalyst for digitization at their firm. DIGITIZATION STRATEGY PLANS: Spend more on technology + Prioritize training / change management.
Customer Facing
Nearly 89% agree / strongly agree that the COVID-19 crisis is serving as a powerful catalyst for digitization at their firm. DIGITIZATION STRATEGY PLANS: Spend more on technology + Accelerate tech development + Improve security around remote processes.
IT
C-Suite, IT and Other Lending Professionals: How Have Their Plans Changed?
While many institutions reported steady or increasing mortgage revenues despite challenges associated with COVID-19, how did the pandemic impact their future plans, timelines and goals?
PREDICTION: Technology + data = reduced human error and fraud.
PREDICTION: Greater automation will reduce origination costs.
PREDICTION: Industry leaders will provide more than just loans.
PREDICTION: Digital processes + analytics = better decisions.
Click to view specific roles and functions to see how professionals like you are thinking about innovation in our current environment.
22% said they would be using robotic process automation extensively within 18 months.
Robotic Process Automation
39% said they would be using machine learning / advanced analytics extensively within 18 months.
Machine Learning
65% said they would be using remote collaboration tools / videoconferencing extensively within 18 months.
Remote Collaboration
Learn about artificial intelligence
As Innovation Accelerates, What Tools and Tech Are Lenders Prioritizing?
More than 63% of mortgage leaders surveyed reported that technology played a key role in enabling them to meet the needs of their customers and partners without interruption during the pandemic crisis. But as they recognize the value of innovation and accelerate their efforts, what specific technologies are they prioritizing?
Source: Ellie Mae 2019 Borrower Insights Survey
Click to learn about what tools and technologies lenders are prioritizing.
Learn about quantum computing
Learn about robotic process automation
Block Chain
Nearly 7% said they would be using block chain extensively within 18 months.
