Per­son-to-Per­son Is More Cred­i­ble for Mort­gage Info Than On­line

National Mortgage News - - Technology - By brad finkel­stein

orig­i­na­tors and real es­tate agents are con­sid­ered more trust­wor­thy and cred­i­ble by home pur­chasers than on­line sources about mort­gage in­for­ma­tion, a Fan­nie Mae study found.

Home buy­ers in 2016 used an av­er­age of 3.4 dif­fer­ent sources to get mort­gage ad­vice.

Real es­tate agents were the most cited source, by 77% of re­spon­dents, fol­lowed by 75% for mort­gage lenders, 69% for var­i­ous on­line sources and 63% for fam­ily and friends.

How­ever, when asked which was the most in­flu­en­tial re­source for mort­gage in­for­ma­tion, a lender was cited by 32%, fol­lowed by 30% for real es­tate agents, 16% for fam­ily and friends and 13% for on­line sources.

When it came to mil­len­ni­als, which made up 38% of the sur­vey re­spon­dents, 29% said a real es­tate agent was the most in­flu­en­tial source of in­for­ma­tion, with 27% cit­ing a mort­gage lender, 23% nam­ing fam­ily and friends, and 14% stat­ing it was the on­line source.

Asked why a par­tic­u­lar source was con­sid­ered to be an in­flu­en­tial place to get in­for­ma­tion, 46% of those that picked on­line said con­ve­nience, but just 8% said trust­wor­thi­ness and 3% said cred­i­bil­ity. In com­par­i­son, trust­wor­thi­ness was top rea­son for those that used fam­ily and friends (50%), real es­tate agents (39%) and mort­gage lenders (29%).

But mort­gage lenders and other per­son-to-per­son sources of in­for­ma­tion can’t be com­pla­cent about the find­ings of this sur­vey. They “need to be vig­i­lant as ad­vances in on­line tech­nol­ogy de­liver im­proved ex­pe­ri­ences and out­comes, which may lead to in­creased trust­wor­thi­ness, cred­i­bil­ity and in­flu­ence over time,” said Steve Deggen­dorf, Fan­nie Mae’s direc­tor of mar­ket in­sights re­search.

To be com­pet­i­tive, lenders and real es­tate agents need to con­tinue to evolve their dig­i­tal of­fer­ings to pro­vide a multi- or omni-chan­nel ex­pe­ri­ence that al­lows con­sumers to move conve- niently be­tween on­line and per­sonal in­ter­ac­tions to cre­ate the ex­pe­ri­ence that best suits their needs.

Tele­phone was the most cited by con­sumers as the method of com­mu­ni­cat­ing with their lender, 69%, fol­lowed by on­line at 53% and 47% in-per­son. When asked what type of com­mu­ni­ca­tion they would pre­fer with their lender for their next loan (ei­ther re­fi­nance or pur­chase), 61% said tele­phone, 53% said in-per­son and 49% said on­line. But for their next mort­gage, 62% of the re­spon­dents want to use their mo­bile de­vice to com­pare mort­gage quotes, 57% want to get a quote and 48% want to fill out their loan ap­pli­ca­tion.

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