WASHINGTON—A new study from Fannie Mae has found that despite expectations, there was not a significant uptick in the use of e-channels during the pandemic.
The same survey also found homebuyer satisfaction with the mortgage process remained high during the pandemic year, despite challenges to both lenders and borrowers alike from the increased volume and the work-from-home orders, Fannie Mae is reporting.
Citing research from the recent Fannie Mae National Housing Survey (NHS) special topic analysis, Fannie Mae noted that in in Q1 2021 88% of recent homebuyers expressed satisfaction with their mortgage process, a level unchanged from Q1 2020.
“These consumer satisfaction ratings are unlikely to come as a surprise to most lenders, as the results align with other findings from the Fannie Mae Economic and Strategic Research Group,” Fannie Mae stated. “As part of our Q1 2021 Mortgage Lender Sentiment Survey, 78% of lenders told us that the consumer mortgage experience had improved or remained the same during the pandemic.”
Contrary to Expectations
Contrary to the organization’s expectations, consumers did not report a sizable increase in their use of online channels for mortgage tasks, although there was a slight increase from previous years, Fannie Mae reported.
Of those who used digital channels, Fannie Mae said a majority of recent borrowers (57%) said the pandemic had no impact on their decision to use digital channels, but a reasonable proportion (38%) did indicate that the pandemic had some influence on their decision to use digital channels.
“From a potential homebuyer perspective, the shift to digital continues to be a gradual process, with certain segments showing different online servicing/in-person needs,” Fannie Mae said. “Since buying a home is an infrequent and complicated expense, shifting to online-only channels appears to be an imperfect solution for many borrowers who have questions and want to make the right choice.”
For more info, visit the Fannie Mae Perspectives blog, access the high-level infographic, and/or read the research report.