Are you looking to add Digital Mortgage Closing to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Digital Mortgage Closing statistics of 2024.
My team and I scanned the entire web and collected all the most useful Digital Mortgage Closing stats on this page. You don’t need to check any other resource on the web for any Digital Mortgage Closing statistics. All are here only 🙂
How much of an impact will Digital Mortgage Closing have on your day-to-day? or the day-to-day of your business? Should you invest in Digital Mortgage Closing? We will answer all your Digital Mortgage Closing related questions here.
Please read the page carefully and don’t miss any word. 🙂
On this page, you’ll learn about the following:
Best Digital Mortgage Closing Statistics
☰ Use “CTRL+F” to quickly find statistics. There are total 96 Digital Mortgage Closing Statistics on this page 🙂Digital Mortgage Closing Benefits Statistics
- The overwhelming majority (99%) of lenders believe that technology can help improve the mortgage application process, citing benefits that include simplifying the entire process (74%), reducing time to close (70%) and minimizing data entry (67%). [0]
Digital Mortgage Closing Usage Statistics
- In the first quarter of 2019—led by companies like Quicken Loans and Wells Fargo— electronic promissory notes usage grew by 5,000% compared to 2018. [1]
Digital Mortgage Closing Market Statistics
- Traditional bank’s share of the mortgage market shrank from 40% to 28% while online lenders went from 5% to 38%. [2]
- From 9% market share in 2009, these nonbanks have come to dominate the mortgage market in 2019, and in 2020, nearly two thirds of all mortgages came from them. [3]
- In 2010, the fintech share of the mortgage market was just 2%, or $34 billion in loan originations. [3]
Digital Mortgage Closing Adoption Statistics
- Mobile apps (63%) and eClosing portals (57%). [2]
- Although the percentage of housing finance firms with the technology needed to e close jumped to 43% in 2020 from 18% in 2019, only 12% of them had an adoption rate of 75% or more, the report released Thursday shows. [4]
- There’s a 54% adoption rate among individual users of e closing technologies but only 30% at the company level. [4]
- That results in a net adoption rate of just 16%, according to Stratmor. [4]
Digital Mortgage Closing Latest Statistics
- Top performing companies in the second quarter in 2020 processed loans 63% faster than their competitors. [2]
- Over the past several years, fintechs have earned a solid foothold in the mortgage industry, growing 33% within five years. [2]
- According to Fannie Mae’s research 69% preferred to submit financial documents using digital tools More than half preferred to learn about the mortgage process and get pre. [2]
- Banks can only handle 7% of products digitally from endtoend, leaving institutions vulnerable to the rapidlygrowing non. [2]
- According to a Finastra survey, 64% of consumers say that the time it takes to close a loan is the most stressful factor in the mortgage process. [2]
- The survey found that 70% of Gen Z respondents and 59% of Millennials said that they would base their lender decision on a mobile app offering. [2]
- In a survey by Atomik Research for Wyndham Capital Mortgage, 58% of consumers believe they should be able to apply for a mortgage exclusively via smartphone. [2]
- Electronic signatures or eSignatures are a legally binding way to get approval on electronic documents with nearly 81% of borrowers prefering signing a loan document online. [2]
- Increase customer satisfaction scores by 127%. [2]
- Some mortgage lenders are predicting a 30% rise in hybrid closings by the end of 2021 as digital mortgages become the new normal. [2]
- The number of title and settlement companies offering digital closings has increased 228% since 2019, as more of the industry moves online in the wake of the COVID. [5]
- Per a survey of 300 title professionals conducted by the American Land Title Association, only 14% of professionals offered digital closings prior to the health crisis. [5]
- Now, in 2021, 46% offer digital closings, according to Diane Tomb, ALTA chief executive officer. [5]
- According to the survey, more than 5% of transactions were closed with some variation of RON. [5]
- Adoption of remote online notarization soared 547% in 2020, according to a ALTA survey of major vendors working in the RON space. [5]
- Of those surveyed, 64% expect an increase in RON closings during 2021, with lender and consumer requests the top factors that would most likely alter a company’s timeline to implement technology to conduct RON closings. [5]
- RON was used the most in transactions involving sellers only (40%) and cash deals (23%), followed by refinances (17%) and purchases (14%). [5]
- Of those who took the survey, 52% said closing times decreased utilizing RON due to the number of documents signed ahead of time, while 43% reported cost savings. [5]
- The average expense to implement RON was just under $30,000 per office, according to the survey. [5]
- Nevada was the only top5 state with a fraud risk increase – 8% yearover. [6]
- Per CoreLogic’s August 2020 Home Price Insights Report, Las Vegas, NV was ranked in the highest risk category for price decline – at over 70% probability. [6]
- During the second quarter of 2020, an estimated 0.61 percent of all mortgage applications contained fraud, about 1 in 164 applications. [6]
- By comparison, in the second quarter of 2019, our estimate was 0.81 percent, or about 1 in 123 applications. [6]
- Investment purchase applications are showing the highest risk, with 1 in 28 applications estimated to have indicated fraud. [6]
- While the decrease in fraud risk overall is not surprising given the current environment, the risk for purchase applications has increased by 6.0%. [6]
- All purchase segments increased except jumbo purchases, which declined in both risk (26%). [6]
- Investment purchases show a 74% increase in risk despite lower volumes and tighter guidelines. [6]
- According to the CoreLogic Multi Close Alert Program , 2020 is projected to have a similar level of findings as was seen in 2019. [6]
- “We increased our volume by 40%, and did it with less staff. [7]
- 5% Back In Your Top Spending Category With New Citi Custom Cash Card How To Choose A Mortgage Lender. [0]
- While still important, the offering of a mobile app specifically was less likely to influence borrowers’ lender selection, with 47% saying availability of one would factor into their decision in 2020 (compared to 40% in 2018). [0]
- Homeowners who used an online application appreciated the simpler application process (55%), reduced time to close (53%). [0]
- Not surprisingly, decreased in person interactions grew in importance in 2020, as just 37% of consumers in 2018 cited “no need to meet in person” as something they liked about their online application process. [0]
- Whether they had been through the mortgage loan process or not, 63% of consumers surveyed believe that an online mortgage process would make buying a home easier than an in. [0]
- Currently, online applications and online portals are the digital tools most offered among lenders, with more than nine in 10 offering both options to borrowers (91%). [0]
- Of lenders who offer online applications, 60.4% said more than half of all loan applications are submitted online, while 38% said more than 80% of their applications were completed online in 2020. [0]
- Half of large institutional lenders, or those with 200 or more employees, indicated that less than 50% of their loan applications were submitted online. [0]
- Sixty one percent of borrowers used an online application in 2020, slightly up from 58% in 2018. [0]
- Sixty one percent also used an online portal for electronically signing and notarizing documents, compared to 56% in 2018. [0]
- According to Freddie Mac, the 30 year fixed mortgage rate fell slightly to 5.10% from 5.11%. [8]
- The economy contracted 1.4% in the first quarter of 2024 as consumers cut back on essential spending. [8]
- Pending Home Sales Decline 1.2% in March 2024 March 2024’s pending home sales pace decreased 1.2% last month and dropped 8.2% from a year ago. [8]
- In March 2024, pending home sales were down 1.2% monthover. [8]
- Monthover month, contract signings increased in the Northeast and fell in the other three regions of the U.S. Commercial Cap Rates Likely to Keep Compressing in 2024. [8]
- Rising interest rates are likely to put some upward pressure on cap rates in 2024. [8]
- Home Price Index Accelerates to 19.8% in 2024. [8]
- Home prices rose at a surprising, accelerated pace of 19.8% yearover year in the past three months as of 2024. [8]
- Watch our latest video on the best debt payoff methods Percentage of homeowners with mortgages 63. [3]
- Portion of homes purchased with mortgages as opposed to cash in 2018 78%. [3]
- The average US interest mortgage rate 3.1%. [3]
- Percentage of online applicants who prioritize fewer in. [3]
- US mortgage stats show that during 2020, despite the COVID 19 pandemic, mortgage debt increased 2% compared to 2019. [3]
- Mortgage loan statistics show a drop of almost 5% in homeownership compared to 2004 data. [3]
- Finance experts and mortgage lenders have always recommended that you make a down payment that’s worth 20% of your new home’s purchase price. [3]
- Many homes are now purchased with 1% down payments. [3]
- That is a 46.% increase in a decade. [3]
- In January 2010, the rate hit an all time high of 11.54%. [3]
- Compared to August 2020, it dropped by 2.6% in 2021 from 6.6%. [3]
- Mortgage statistics from 2016 show growth to 8%, or $161 billion. [3]
- Choosing a fintech lender can reduce processing time by 10 days, or 20%, on average. [3]
- For example, homeowners who are refinancing their property see an average 14.6% reduction in loan processing time. [3]
- Mortgage rate statistics show that interest rates have fluctuated between 3% and 4% since reaching a historic low in 2012. [3]
- The rate nearly reached 5% in the last quarter of 2018, but has since trended downward. [3]
- The highest historical mortgage interest rate was in 1981, when it reached an astronomical 18.63%. [3]
- By December 2020, due to the COVID19 pandemic, the average 30 year fixed mortgage rate dropped to 2.68%. [3]
- US mortgage statistics from 2020 saw the percentage rise by 6%. [3]
- Apart from applying for a mortgage loan online, 61% of borrowers in 2020 also used online portals to electronically sign all the necessary documents. [3]
- Mortgage loan statistics show that 55% of people taking out loans online prioritize simplicity. [3]
- Other important factors include reduced time to close at 53% and fewer in person interactions at 49%. [3]
- Digital lending is expected to grow from $10.7 billion in 2021 to $20.5 billion by 2026 at a CAGR of 13.8%, making digitization a top priority for banks. [3]
- This represents a 37.2% increase from Q2 2020, when one in 164 applications contained fraud. [3]
- But according to our 2020 data, closing lags most of the technologies we are tracking,” said Garth Graham, senior partner at the Stratmor Group, and author of the report. [4]
- And difficulty coordinating the technology installation with the training needed to use it was another barrier cited by 82% of lenders. [4]
- A recent ALTA survey shows that over 80% of title professionals are interested in or have already conducted some form of eClosing. [1]
- It found that most home buyers (80%). [1]
- In 2017, a survey by NAR found that 40% of homebuyers cited “understanding the closing process” and “paperwork” as the top struggles of the home purchase process. [1]
- ALTA’s pool of more than 800 title & escrow professional respondents shows that 18% completed hybrid eClosings and none had yet completed remote notary eClosings. [1]
- With a platform underpinned by AWS, we’ve been able to reduce errors in the closing packets by an average of 75 percent.”. [9]
- “With a platform underpinned by AWS, we’ve been able to reduce errors in the closing packets by an average of 75 percent,” says Whelan. [9]
- “We now touch about 11 percent of US residential mortgages and are growing fast,” says Whelan. [9]
- Reduces real estate closings from 1 hour to 15 minutes Eliminates 75% of errors Improves efficiency and customer experience. [9]
- According to a recent report from the Mortgage Bankers Association, the industry is expected to originate more than $2.5 trillion for each of the next three years,which is at least40 percent higher than average annual originations between 2010 and 2019. [10]
- Our internal research indicates that about 60 percent of both purchase and refinance borrowers would be open to completing their entire mortgage application online, without phone or in. [10]
- Moreover, customers crave speed satisfaction drops by roughly 15 percentage points if the lender takes more than ten days to provide a decision on the application. [10]
- Five years ago, nonbank lenders accounted for roughly half of total originations; two years ago, that figure was nearly 60 percent. [10]
- In 2020, the share of originations by nonbank lenders leapt to nearly 70 percent. [10]
- Based on our observations, most successful digital attackers have been able to demonstrate cycle times that are at least30 percent lower than the industry average and costs that are at least 25 percent lower than the industry average. [10]
I know you want to use Digital Mortgage Closing Software, thus we made this list of best Digital Mortgage Closing Software. We also wrote about how to learn Digital Mortgage Closing Software and how to install Digital Mortgage Closing Software. Recently we wrote how to uninstall Digital Mortgage Closing Software for newbie users. Don’t forgot to check latest Digital Mortgage Closing statistics of 2024.
Reference
- forbes – https://www.forbes.com/sites/brendarichardson/2021/05/13/how-digital-technology-changed-the-face-of-the-mortgage-industry/.
- qualia – https://blog.qualia.com/eclosing-consideration/.
- besmartee – https://www.besmartee.com/grav/digital-mortgage-10-stats-2021.
- fortunly – https://fortunly.com/statistics/mortgage-statistics/.
- nationalmortgagenews – https://www.nationalmortgagenews.com/news/why-getting-e-closing-technology-is-just-half-the-battle.
- housingwire – https://www.housingwire.com/articles/digital-closings-have-spiked-228-since-2019/.
- corelogic – https://www.corelogic.com/intelligence/mortgage-fraud-trends-report/.
- icemortgagetechnology – https://www.icemortgagetechnology.com/.
- nar – https://www.nar.realtor/research-and-statistics.
- amazon – https://aws.amazon.com/solutions/case-studies/snapdocs-case-study/.
- mckinsey – https://www.mckinsey.com/industries/private-equity-and-principal-investors/our-insights/five-trends-reshaping-the-us-home-mortgage-industry.
How Useful is Digital Mortgage Closing
One of the most significant advantages of digital mortgage closing is the convenience it offers to both borrowers and lenders. Gone are the days of scheduling in-person appointments, signing numerous documents, and waiting for paperwork to be processed. With digital closing, borrowers have the flexibility to review and sign documents at their own convenience, from the comfort of their own homes. This process not only saves time but also reduces the likelihood of errors or missing signatures, ensuring a smoother transaction for all parties involved.
Furthermore, digital mortgage closing can eliminate much of the stress and uncertainty that accompanies traditional paper-based transactions. With online platforms providing real-time updates on the status of documents and signatures, borrowers can stay informed and track the progress of their mortgage application easily. This transparency helps to build trust between borrowers and lenders, fostering a more positive experience for all involved.
In addition to convenience and transparency, digital mortgage closing also offers increased security and protection of sensitive information. Digital platforms use encryption technology to safeguard personal and financial data, reducing the risks of identity theft or fraud. This added layer of security provides peace of mind to borrowers, knowing that their information is being handled securely throughout the closing process.
Moreover, digital mortgage closing can significantly reduce the environmental impact of the homebuying process. By eliminating the need for paper documents, digital platforms help to decrease paper waste and lower carbon emissions associated with the printing and transportation of paperwork. This environmentally conscious approach aligns with the growing trend towards sustainability and responsible consumer practices.
While there are undoubtedly numerous benefits to digital mortgage closing, it is essential to acknowledge that some challenges remain. Not all borrowers may feel comfortable navigating online platforms or may prefer the reassurance of face-to-face interactions with their lenders. In these cases, lenders should provide appropriate support and guidance to ensure that all borrowers feel comfortable and informed throughout the digital closing process.
Overall, the transition to digital mortgage closing has proven to be a valuable tool for both borrowers and lenders, offering convenience, transparency, security, and environmental sustainability. As technology continues to advance, these benefits are likely to increase, further improving the homebuying experience for all parties involved. However, it is crucial for lenders to strike a balance between digital innovation and personalized customer service to ensure that the needs and preferences of all borrowers are met.
In Conclusion
Be it Digital Mortgage Closing benefits statistics, Digital Mortgage Closing usage statistics, Digital Mortgage Closing productivity statistics, Digital Mortgage Closing adoption statistics, Digital Mortgage Closing roi statistics, Digital Mortgage Closing market statistics, statistics on use of Digital Mortgage Closing, Digital Mortgage Closing analytics statistics, statistics of companies that use Digital Mortgage Closing, statistics small businesses using Digital Mortgage Closing, top Digital Mortgage Closing systems usa statistics, Digital Mortgage Closing software market statistics, statistics dissatisfied with Digital Mortgage Closing, statistics of businesses using Digital Mortgage Closing, Digital Mortgage Closing key statistics, Digital Mortgage Closing systems statistics, nonprofit Digital Mortgage Closing statistics, Digital Mortgage Closing failure statistics, top Digital Mortgage Closing statistics, best Digital Mortgage Closing statistics, Digital Mortgage Closing statistics small business, Digital Mortgage Closing statistics 2024, Digital Mortgage Closing statistics 2021, Digital Mortgage Closing statistics 2024 you will find all from this page. 🙂
We tried our best to provide all the Digital Mortgage Closing statistics on this page. Please comment below and share your opinion if we missed any Digital Mortgage Closing statistics.