In the News Presented by Prairie Title
March 14,
2017
Tech Talk and the Real Estate Business
According
to survey results released in December by Fannie Mae, demand for and use of mobile
mortgage products almost doubled over the course of 12 months. The survey
covered 1,200 consumers who bought homes in the last year and have a mortgage
guaranteed by Fannie Mae.
“This
is a startlingly large increase reflecting the pervasive and growing use of
mobile technology among consumers at all income levels,” wrote Steve
Deggendorf, director of market insights research for Fannie Mae. “Although this
research focused on low- and moderate-income homebuyers, our prior research
suggests the results would be even larger for mobile usage and interest among
higher-income consumers.”
Fannie Mae’s findings help draw a picture of
how the real estate market is moving rapidly
toward maximum use of technology, often driven by customers.
Recently,
loanDepot, which bills itself as “a fast-growing national consumer lender, announced the launch of its end-to-end proprietary
digital lending platform as part of an $80 million investment in technology. The platform features
three distinct components: a web-based consumer portal, a mobile point of sale
system, and a fully digital mortgage loan application. All will be
integrated into loanDepot’s web-based loan origination system, which consumers
and lenders can use via mobile or desktop devices. Development of these types of systems can be both exciting and a bit scary. For all of us, regardless of our specific roles in the industry, survival depends on embracing technology with all its built-in challenges. To put a twist on the old saying from academia: When it comes to technology, we all need to produce or surely we will perish.
What’s your point of view? Call me, email me, or write a comment below.
Other
stories we’re following:
Affordability
is main hurdle for aspiring home buyers.
Sales
up, consumer sentiment down.
Three factors affecting millennial home ownership – negatively.
Limited inventory, quick sales.
