Three Major Challenges Faced by Small Mortgage Lenders

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He said: “Older buyers who do refi or add a couple of mortgages are often more comfortable doing everything online than first-time home buyers who didn’t have this experience.

“So I really think not everything is going to happen online, and I say this because these are infrequent large transactions, and consumers who haven’t done this before really want this human interaction,” he said.

The study also found that most lenders named online lenders directly to consumers as their biggest anticipated competitor over the next five years, followed by mortgage brokers.

Palim said big players like Quicken and others, which were separated from traditional lending individuals, had a particular advantage during the pandemic as they were set in a purely online business model.



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