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MeridianLink® recently surveyed over 1,000 Americans to better understand current consumer attitudes and expectations toward the mortgage lending process, and the results are clear: high costs and a lack of support are dissuading consumers from purchasing mortgages from their primary financial institutions (FIs).
The cost factor likely doesn’t come as a surprise to anyone—home prices continue to surge, driving mortgage rates ever higher, a trend that over half (55%) of respondents expect to continue throughout the remainder of the year. Nearly a third (31%) of Americans stated that they feel less confident in their ability to afford a home today compared to five years ago, and they went on to cite low closing costs and comparatively better rates (53%) and flexible repayment options (36%) as two top criteria in selecting a mortgage lender.
But then there’s the matter of support throughout the lending process. 41% of those surveyed said that their primary FI offered no mortgage lending support of any kind, and with one in five (22%) respondents also stating that they do not understand the mortgage process, there’s a significant opportunity for FIs to reengage their consumers through step-by-step guidance and education, personalized offers, and a frictionless end-to-end experience.
It’s Time To Reimagine Mortgage Lending
The insights gleaned from this report, available in full below, show a pressing need for FIs to reimagine the mortgage lending process or risk losing consumers. In this market, the stakes couldn’t be higher—every applicant matters, and it’s on your FI to provide them with the most convenient and easily understandable experience possible.
MeridianLink works with over 2,000 financial institutions nationwide, giving us a unique understanding of the pain points FIs face in growing their mortgage business. Our solutions are tailored to address consumer wants and needs from the top down—from outreach to origination—while improving backend processes and workflows for lenders.
MeridianLink® Engage, our marketing automation solution for financial institutions, is a powerful tool that can assist your bank or credit union in delivering more efficient and effective consumer outreach. MeridianLink® Mortgage—the mortgage loan origination component of our multi-product platform MeridianLink® One—is an excellent way to create and manage a seamless mortgage lending experience.
MeridianLink’s platform helps FIs offer tailored mortgage support with a frictionless digital lending experience and targeted outreach. Schedule a demo to learn more about how our solutions can assist you in modernizing your operations and delivering the support your consumers have come to expect.
Download the Full Report