Digital-first lenders have transformed the $9 trillion US mortgage market – here’s how legacy players can respond to the threat

FINTECH REPORT SNAPSHOT How banks are striking back against Quicken Loans and other digital-first lenders in the $9 trillion US mortgage market * This chart and data were pulled from The Online Mortgage Lending Report by Business Insider Intelligence. Purchase the report here to get immediate access to the full analysis. Get the Full Analysis Today → 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. But Quicken Loans turned the mortgage industry on its head with the introduction of Rocket Mortgage, an online mortgage application that takes less than 10 minutes to complete, in November 2015. Today, consumer demand for digital mortgage solutions is swelling. The US' 75 million digital-native and cost-conscious millennials account for the biggest segment of the population and 37% of recent home buyers, the largest share among generations. This group favors digital mortgages. Millennials were found to make initial outreach to their lender online (43%) far more frequently than boomers (24%), per a 2018 Ellie Mae survey, while they were also twice as likely to... Access Full Chart Data & Analysis → Other report highlights you don't want to miss… LATIN AMERICA FINTECH LANDSCAPE 5 of the most innovative regions propelling the LATAM fintech market to $150 billion… Access Full Report → INSURTECH DISRUPTORS What full-stack insurtechs are doing to beat incumbents on customer acquisition, personalization, and claims processing… Access Full Report → This is just a preview of the information and insights you'll find in The Online Mortgage Lending Report by Business Insider Intelligence. Purchase the report today to access the full analysis. Get The Full Report →

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