Stewart(STC) Prnewswire·2024-10-23 13:00Core Insights - The survey conducted by Cloudvirga reveals a significant trend towards digitalization in the mortgage origination process, with homebuyers increasingly expecting a more automated experience [1][2][6] Consumer Satisfaction - A majority of respondents (71%) expressed high satisfaction with the technology provided by lenders for managing the application process [2] - 67% of participants reported being very satisfied with the lender's online support, while 27% were somewhat satisfied [2] - Over 75% of respondents were first-time buyers, indicating a lack of previous experience to compare their digital mortgage experience [2] Future Expectations - 63% of respondents desired an even more digital experience than what they received, and 77% expect their next mortgage or refinance to be entirely digital [3] - Despite the positive reception of digital tools, 60% of respondents indicated that the use of AI in the loan process would lead them to choose another lender [3] Role of Loan Officers - 58% of respondents stated that their loan officer managed the initial application process, highlighting the continued importance of human assistance despite satisfaction with digital processes [4] - Nearly half (46%) reported direct contact with their loan officer for additional information or support [4] Transparency and Efficiency - 69% of respondents had access to technology for real-time loan status updates, while 72% utilized automated document submission [5] - 91% of participants used a single system for document submission, with 92% expressing satisfaction with the documentation process [5] Industry Challenges - The survey indicates a nuanced consumer expectation where borrowers seek the efficiency of automated platforms but still value the involvement of loan officers [6] - The findings suggest that while AI is becoming a significant part of digital mortgage origination, it is not yet fully trusted by many borrowers [6]