The loan application submission rate is a crucial metric for mortgage lenders. It’s a conversion rate that indicates how many applicants are serious about getting a loan with a particular…
Customers are the lifeblood of any business. Without customers, a company doesn’t have anyone to buy its products and services. Many companies focus on acquiring new customers. And while getting…
The banking industry has seen a significant rise in fraudulent attempts over the past few years. In 2021, the rate of banking fraud attempts rose 41% compared to 2020. And…
Recent reports show that it takes an average of 49 days to close on a house. For eager homeowners who are temporarily renting a space or living out of a…
People tend to think of a mortgage as solely transactional. While it’s true that a mortgage is a type of transaction between a homeowner and a financial institution, it’s more…
Millennials are considered to be people born in the 1980s and 1990s. According to census data, they have overtaken baby boomers as the most populous generation, surpassing them by at…
The pull-through rate is an essential key performance indicator (KPI) for mortgage lenders. It is calculated using a simple math formula that tells lenders how many loans are funded compared…
Historically, mortgages have offered banks and lending institutions steady and profitable business. That’s why many traditional financial institutions have not been overly concerned with the customer experience for mortgages. However,…
Nearly all mortgage firms (92%) have doubled the pace of their digital transformation over the last few years due to the pandemic. The need to do business online has dramatically…
When is the right time for a mortgage lending company to create digital transformation? For many lenders, the answer is “soon” or “not right now, but maybe later.” Every lender…