{"id":13981,"date":"2018-08-30T13:00:23","date_gmt":"2018-08-30T13:00:23","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=13981"},"modified":"2018-08-30T13:00:24","modified_gmt":"2018-08-30T13:00:24","slug":"weighed-down-by-too-much-paperwork-for-that-mortgage","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/weighed-down-by-too-much-paperwork-for-that-mortgage\/","title":{"rendered":"Weighed Down by Too Much Paperwork for that Mortgage?"},"content":{"rendered":"

Weighed Down by Too Much Paperwork for that Mortgage?<\/h2>\n
\"Weighed<\/a>

Weighed Down by Too Much Paperwork for that Mortgage?<\/p><\/div>\n

Home buyers want the mortgage process to be less onerous and faster. But they also want more personal interaction as they navigate a transaction and very big decision in their life, according to Fannie Mae\u2019s National Housing Survey, a survey of about 3,000 recent home buyers.<\/p>\n

\u201cAs the Amazons and Ubers of the world continue to raise the bar for \u2018consumer-grade\u2019 experiences, home buyers have made it clear that it\u2019s also time for the home purchasing and mortgage processes to change,\u201d writes Henry Carson, senior vice president of digital products, at Fannie Mae\u2019s Perspectives blog.<\/p>\n

Overall, borrowers say they want less paperwork. They said gathering the necessary financial information to apply and get approved for a loan is the most difficult part of the mortgage process, which was particularly true for those over the age of 45 or those who\u2019ve purchased more than one home in their lifetime.<\/p>\n

Respondents were asked whether they would prefer a fully digital mortgage process, where every step could be completed online. The majority said they would be \u201csomewhat\u201d or \u201cvery\u201d interested.<\/p>\n

They do like the idea of a digitizing the application if it would speed up the process. The majority of home buyers surveyed said they\u2019d like to see the mortgage process\u2014from application to closing\u2014completed in one month. That is five days less than the current median process takes, which averages about 35 days, Carson notes.<\/p>\n

But home buyers still want personal interaction in the process too. They noted they want personal interaction in the review of final loan documents and understanding mortgage terms and options.<\/p>\n

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Carson says that Fannie Mae is partnering with lenders to digitize more aspects of the mortgage process, such as the validation of borrowers\u2019 income, assets, and employment data. Carson notes the technology Fannie is sharing with lenders is reducing the application to delivery cycle times by 7 days. He says the goal is to reduce it by 10 days.<\/p>\n

\u201cChange in the mortgage industry is accelerating, opening the door for potentially significant impact and value creation for lenders and homebuyers,\u201d Carson notes.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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\u201cNow Is the Time to Adopt Digital Mortgage Technology<\/a>,\u201d Fannie Mae (Aug. 28. 2018)<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Weighed Down by Too Much Paperwork for that Mortgage? Home buyers want the mortgage process to be less onerous and faster. But they also want more personal interaction as they navigate a transaction and very big decision in their life, according to Fannie Mae\u2019s National Housing Survey, a survey of about 3,000 recent home buyers. … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-13981","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nWeighed Down by Too Much Paperwork for that Mortgage? - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/weighed-down-by-too-much-paperwork-for-that-mortgage\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/weighed-down-by-too-much-paperwork-for-that-mortgage\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/weighed-down-by-too-much-paperwork-for-that-mortgage\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Weighed Down by Too Much Paperwork for that Mortgage?\",\"datePublished\":\"2018-08-30T13:00:23+00:00\",\"dateModified\":\"2018-08-30T13:00:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/weighed-down-by-too-much-paperwork-for-that-mortgage\\\/\"},\"wordCount\":393,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/weighed-down-by-too-much-paperwork-for-that-mortgage\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2018\\\/08\\\/08302018.jpg\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/weighed-down-by-too-much-paperwork-for-that-mortgage\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/weighed-down-by-too-much-paperwork-for-that-mortgage\\\/\",\"name\":\"Weighed Down by Too Much Paperwork for that Mortgage? 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