- A poll of recent homebuyers found that excessive paperwork is the biggest pain point in applying for and closing on a loan.
- Sixty-six percent of homebuyers would prefer a mortgage process that was conducted entirely online.
- Homebuyers still need human contact throughout the mortgage process, with 65 percent saying that they want a person to explain options and terms.
Most people shopping for a home loan would prefer to avoid mountains of paperwork, and Fannie Mae has plans to bring the mortgage-application process into the digital age.
In a survey of 3,000 recent homebuyers, the company found that most borrowers want to speed up the process of obtaining a mortgage to one month. Currently, Fannie Mae says that it takes a median of 35 days to close on a home loan.
When asked what could make the mortgage process easier, 27 percent of homebuyers said that reducing paperwork would be the top priority. Twenty percent of those polled would prefer a better way to shop and compare products from different lenders, while 16 percent want less exchanges with a lender before closing on a mortgage. Read more on the @bethanywpatten
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