A recent survey revealed that there were a total of 263 million online consumers in the US in 2021. This number is projected to reach over 291 million by the end of 2025.
As the number of online shoppers continues to grow, the competition to capture their attention and business remains fierce.
One of the best ways to stay ahead of the competition is to adapt to the changes in technology and consumer preferences. What is the latest in digital mortgage technology? Keep reading to find out.
Integrated Home Buying Services
Integrated services and a cohesive home buying experience are two of the biggest takeaways in the last Digital Mortgage Conference. A prime example of this is Zillow.
Today, the real estate company offers home buying, mortgage lending, and property management. It is interesting to note that they work with slim real estate profit margins. However, they hope to make up the difference with the other parts of the real estate transaction.
On-Demand Virtual Loan Officers
Real estate agents use video conferencing tools, such as Zoom, Skype, FaceTime, and Google Hangouts, to meet clients and give virtual house tours. This trend is slowly finding its way to the mortgage industry.
More and more companies are considering meeting applicants and conducting business using video conferencing tools as an alternative to in-office, face-to-face interactions.
Digital Mortgage
Many mortgage companies have already begun their digital mortgage transformation. Today, issuing quotes and making mortgage calculators available are common on mortgage company websites.
Some companies go so far as to issue online mortgage pre-approval. This trend will continue to grow to the point where there will be a completely digital mortgage experience as an option. Despite the convenience of digital mortgages, there will always be offline mortgage services to cater to clients who are uncomfortable with fully digital transactions.
Crowdfunded Mortgage
The success of SoFi and Fundrise has opened the industry to the idea of crowdfunded mortgages. Although these platforms are far from upending traditional lenders, such as banks and mortgage companies, they offer an alternative.
It is also helpful to know that the idea of crowdfunded mortgages has grown to include various loans, including auto loans, business loans, home loans, and more.
Modern Mortgage Marketing
Gone are the days where mortgage companies had to spend thousands of dollars on newspaper ads and billboards. Today, the mortgage marketing game is digital.
They are now pouring more time and money into their campaigns that utilize email marketing, search engine advertising, and social media marketing. Though there are still those who devote resources to print and traditional marketing strategies, most companies hire digital marketing agencies to reach their target audience.
Digital Assistant and Voice Search SEO Marketing
The rise of digital assistants and their subsequent evolution is changing how people search online. Aside from computer and mobile searches, they utilize voice search to acquire the information they need.
It gives rise to new SEO techniques, like voice search SEO, to stay on top of the search engine results page. Mortgage companies need to adapt these SEO techniques and fast to fully harness the power of the internet.
Conclusion
The integrated home buying services, on-demand virtual loan officers, digital mortgages, crowdfunded mortgages, and voice search SEO marketing are some of the digital trends that the mortgage industry will be seeing. Although following every movement is not a viable business action, it is crucial to understand which to adapt and forego.
Digital mortgage technology is constantly evolving to keep up with the changing times and needs of consumers. By staying on top of these trends, you ensure that you are equipped with the best tools and strategies to serve your clients and achieve your mortgage company goals.
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