THE ONLINE MORTGAGE LENDING REPORT: How banks are striking back against Quicken Loans and other digital-first lenders in the $9 trillion US mortgage market

This is a preview of THE ONLINE MORTGAGE LENDING REPORT from Business Insider Intelligence.
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Mortgage ecosystem

Despite the mortgage space representing the largest US lending market — with debt sitting at $9.2 trillion — it’s been the slowest to digitize, and incumbents have had little incentive to remove friction from the customer application process.

The customer experience has been hampered by a time-consuming process that requires spending hours filling out an application and gathering documents, a lack of transparency about the status of the process, and uncertainty about what outstanding documentation could be requested later. And with no viable challengers to the status quo, incumbent lenders had little reason to overhaul this process.See the rest of the story at Business Insider

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