Cloudvirga Survey Reveals Homebuyers' Growing Satisfaction and Expectations for Technology in the Mortgage Process, as well as Concerns over AI Use
Cloudvirga has released findings from a consumer survey highlighting increasing digitalization and homebuyer expectations in mortgage processes. The survey, conducted in September 2024 with over 1,000 recent homeowners, revealed high satisfaction with digital mortgage tools, with 71% very satisfied with their lender's technology.
Key findings show that 63% of respondents wanted an even more digital experience, and 77% expect their next mortgage to be totally digital. However, 60% expressed concerns about AI usage in loan processes. Despite digital satisfaction, 58% still relied on loan officers for initial applications, indicating a desire for human assistance alongside technology.
The survey also found high satisfaction with digital documentation processes, with 91% using a single system for documentation and 92% being satisfied with document submission procedures.
Cloudvirga ha rilasciato i risultati di un'indagine condotta tra i consumatori, evidenziando la crescente digitalizzazione e le aspettative dei compratori di casa nei processi di mutuo. L'indagine, condotta a settembre 2024 con oltre 1.000 recenti proprietari di casa, ha rivelato un alto grado di soddisfazione per gli strumenti di mutuo digitali, con il 71% molto soddisfatti della tecnologia del proprio prestatore.
I risultati principali mostrano che il 63% degli intervistati desiderava un'esperienza ancora più digitale e il 77% si aspetta che il prossimo mutuo sia completamente digitale. Tuttavia, il 60% ha espresso preoccupazioni riguardo all'uso dell'IA nei processi di prestito. Nonostante la soddisfazione digitale, il 58% continua a fare affidamento su funzionari dei prestiti per le domande iniziali, indicando un desiderio di assistenza umana accanto alla tecnologia.
L'indagine ha anche trovato un alto livello di soddisfazione per i processi di documentazione digitale, con il 91% che utilizza un unico sistema per la documentazione e il 92% che si dichiara soddisfatto delle procedure di invio dei documenti.
Cloudvirga ha publicado los resultados de una encuesta entre consumidores que destaca la creciente digitalización y las expectativas de los compradores de vivienda en los procesos hipotecarios. La encuesta, realizada en septiembre de 2024 con más de 1,000 propietarios recientes, reveló un alto grado de satisfacción con las herramientas de hipoteca digitales, con un 71% muy satisfechos con la tecnología de su prestamista.
Los hallazgos clave muestran que el 63% de los encuestados deseaban una experiencia aún más digital, y el 77% espera que su próxima hipoteca sea completamente digital. Sin embargo, el 60% expresó preocupaciones sobre el uso de IA en los procesos de préstamo. A pesar de la satisfacción digital, el 58% todavía dependía de oficiales de préstamos para las solicitudes iniciales, lo que indica un deseo de asistencia humana junto a la tecnología.
La encuesta también encontró una alta satisfacción con los procesos de documentación digital, con un 91% utilizando un único sistema para la documentación y un 92% satisfechos con los procedimientos de envío de documentos.
클라우드비르가 최근 주택소유자를 대상으로 실시한 소비자 조사 결과, 주택담보 대출 과정에서 디지털화와 주택 구매자의 기대가 증가하고 있다는 사실이 드러났습니다. 2024년 9월에 진행된 이 조사에서 1,000명 이상의 최근 주택소유자가 참여했으며, 71%가 대출 기관의 기술에 매우 만족한다고 응답했습니다.
주요 발견 사항으로는 응답자의 63%가 보다 디지털화된 경험을 원하며 77%가 다음 주택담보 대출이 완전히 디지털이기를 기대한다고 밝혔습니다. 그러나 60%는 대출 과정에서 인공지능 사용에 대해 우려를 표명했습니다. 디지털 만족도가 높은 반면, 58%는 여전히 초기 신청을 위해 대출 상담원에게 의존하고 있어, 기술과 함께 인간의 도움을 원하고 있다는 것을 나타냅니다.
조사 결과는 또한 디지털 문서화 프로세스에 대한 높은 만족도를 보여줍니다. 91%가 문서화를 위해 단일 시스템을 사용하고 있으며, 92%가 문서 제출 절차에 만족한다고 응답했습니다.
Cloudvirga a publié les résultats d'une enquête auprès des consommateurs qui met en évidence l'augmentation de la numérisation et des attentes des acheteurs immobiliers dans les processus hypothécaires. L'enquête, réalisée en septembre 2024 auprès de plus de 1 000 récents propriétaires, a révélé un haut niveau de satisfaction à l'égard des outils hypothécaires numériques, 71% étant très satisfaits de la technologie de leur prêteur.
Les principaux résultats montrent que 63% des répondants souhaitaient une expérience encore plus numérique et que 77% s'attendent à ce que leur prochaine hypothèque soit totalement numérique. Cependant, 60% ont exprimé des préoccupations concernant l'utilisation de l'IA dans les processus de prêt. Malgré la satisfaction numérique, 58% comptaient encore sur des agents de prêts pour les demandes initiales, ce qui indique un désir d'assistance humaine aux côtés de la technologie.
L'enquête a également révélé une grande satisfaction à l'égard des processus de documentation numérique, 91% utilisant un système unique pour la documentation et 92% étant satisfaits des procédures de soumission de documents.
Cloudvirga hat die Ergebnisse einer Verbraucherumfrage veröffentlicht, die die steigende Digitalisierung und die Erwartungen von Hauskäufern im Hypothekenprozess hervorhebt. Die Umfrage, die im September 2024 mit über 1.000 kürzlich Wohnungseigentümern durchgeführt wurde, ergab eine hohe Zufriedenheit mit digitalen Hypothektools, wobei 71% sehr zufrieden mit der Technologie ihres Kreditgebers sind.
Wichtige Ergebnisse zeigen, dass 63% der Befragten ein noch digitaleres Erlebnis wünschten und 77% erwarten, dass ihre nächste Hypothek vollständig digital sein wird. Allerdings äußerten 60% Bedenken über den Einsatz von KI in den Kreditprozessen. Trotz der digitalen Zufriedenheit waren 58% immer noch auf Kreditsachbearbeiter für die ersten Anträge angewiesen, was den Wunsch nach menschlicher Unterstützung neben der Technologie zeigt.
Die Umfrage ergab auch eine hohe Zufriedenheit mit digitalen Dokumentationsprozessen, wobei 91% ein einheitliches System für die Dokumentation nutzen und 92% mit den Verfahren zur Dokumentenübermittlung zufrieden sind.
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The survey asked recent homeowners, the majority of whom were first-time buyers, a series of questions about their experience during the mortgage application and closing process, including their perceptions on the use of technology, artificial intelligence (AI) and automated communications. The survey found that the majority of participants expressed overall satisfaction with the digital experience provided by lenders and would expect even more automation with their next mortgage transaction.
While comfortable with the online and self-serve aspects of the current origination process, respondents raised serious concerns over the use of AI in mortgages. This presents a challenge for the industry as lenders explore when and how to implement new digital solutions.
"Despite the perception that the mortgage industry is lagging in terms of technology adoption, our survey found that lenders are increasingly using digital tools to better engage with borrowers; and it's clear from this research that borrowers are embracing the improved automated, less manual experience," said Maria Moskver, CEO of Cloudvirga. "Having said that, they are concerned about the role of AI in this process. Our survey results reinforce the growing consensus that homebuyers are becoming increasingly tech-savvy and expect the mortgage process to mirror the seamless digital experiences they encounter in other parts of their lives."
Key Findings:
- Improved Satisfaction with Digital Tools: A majority of respondents (
71% ) indicated they were very satisfied with the technology provided by their lender for managing the application process. When asked how responsive the lender's online support was, more than a quarter (27% ) said they were somewhat satisfied and67% said they were very satisfied. It is worth noting that more than75% of the respondents were first-time buyers which means they did not have a previous point of reference with which to compare their experience. Moreover, the respondents skewed younger:74% of respondents were 40 years old or younger, clearly a demographic that is more comfortable with digital technology. - Future Expectations: A majority of respondents (
63% ) would have preferred their experience to be even more digital than it already was, and77% of respondents expect their next mortgage or refinance to be totally digital. - AI isn't fully embraced: Despite consumer support of automated technology in the mortgage process, respondents expressed reluctance when asked specifically about AI—
60% said the use of AI in the loan process would cause them to select another lender. - Loan Officers Still Play a Dominant Role: Even though there is satisfaction with digital processes, still a majority of respondents (
58% ) said their loan officer handled the initial application process for them, a percentage that is expected to decrease as more digital tools increase fully self-serve options. Almost half (46% ) said their loan officer contacted them directly via phone or email when additional information or supporting documents were required. Given the level of overall satisfaction with their mortgage process—which still involved loan officers in both the application and ongoing document procurement process—this underscores that while consumers are eager to embrace technology, they still want the ability to rely on human assistance when needed. - Transparency and Efficiency: A majority of respondents said they had access to technology that allowed them to receive real-time updates on loan status (
69% ), automated document submission (72% ) and access to helpful tools like eSigning (52% ), which have contributed to smoother and faster transactions. - Documentation Delivery Getting More Digital: Respondents reported general satisfaction related to submitting and managing documents with
91% saying they used one system to complete and upload all required documentation,92% saying they were somewhat or very satisfied with the process for submitting documentation.
Moskver continued: "The survey results highlight an important nuance in consumer expectations during the mortgage process. They want the ease and efficiency of automated platforms and a borrower-friendly user interface, but they are still relying on loan officer involvement. Clearly, while AI is an increasingly major component of digital mortgage origination, it's still not a trusted system for many borrowers. Lenders need to be cautious with how they develop their digital, borrower-first experience, taking a measured approach that meets consumers where they are. Finally, as a technology company laser focused on the consumer mortgage experience, these findings are directing our ongoing development efforts."
The online research, conducted in September 2024, surveyed more than one thousand recent homeowners across the country who had bought or refinanced their home in the past two years. More than three-quarters, or
About Cloudvirga
Cloudvirga is a leading provider of digital mortgage point-of-sale platforms, designed from the perspective of increasing consumer engagement. With a focus on streamlining the loan origination process, Cloudvirga solutions enhance efficiency and accuracy in the mortgage industry. The company's commitment to continuous improvement and innovation has positioned it as a trusted partner for mortgage lenders and brokers across the nation. Cloudvirga is a subsidiary of Stewart Information Services Corporation (NYSE:STC), a customer-focused, global title insurance and real estate services company. For more information, visit www.cloudvirga.com
View original content:SOURCE Cloudvirga
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