Online Mortgage vs. Human Experience in a Digital World

A lot of energy and resources have been focused on online resources and the “digital mortgage” experience in recent years. Even Amazon recently announced their potential involvement in online mortgage lending too. Sure, getting a mortgage online can be quicker, less hassle, and possibly combined with lower rates and incentives.

But those advantages may come with a downside. Some online lenders have been associated with scams as they use low rates to fish in an application but have no incentive to follow through properly. Overshadowed by the fine print and an overwhelming application process, the details can easily get lost. Oh, and customer service? Questionable at best. Usually serving you from a centralized location (sometimes from an international office), you might communicate with a different rep every time you have a question. You can imagine how notes or requests can get lost through the process.

Like other lenders, Bank of England Mortgage has invested in online tools to make the customer experience easier and more convenient, but this technology is simply a tool. It will never take the place of experienced loan originators who will guide you through the entire process. Instead, the technical features compliment and aide the process. Our teams strive to know each client and your needs so we can help you overcome obstacles and reduce stress and confusion that may come with a mortgage process. We call our approach… ready for this… “Human Mortgage”!


Homebuyers Want Human Interaction
In 2016, we conducted research to measure the importance of human interaction in the mortgage process. Here’s what we found:

• Both first-time and experienced homebuyers see the loan originator as the most important element of an ideal mortgage experience. The right loan originator can make all the difference in the experience and whether you get the best loan option possible… or even get a loan!

• When faced with multiple options, homebuyers want to talk with a real person at the beginning of the mortgage process from the initial inquiry.

• First-time homebuyers want a knowledgeable loan originator who can help them complete the application, assist with pre-qualification, find the best options for them and help make decisions.

• Artificial intelligence can’t perform what an experienced loan originator can offer.

• Even though they have been through all of this before, experienced homebuyers still want a loan originator who can manage the entire process and work seamlessly with the rest of the client’s team – realtor, title company, insurance company, appraiser, etc. – to ensure an on-time closing.

Even tech-savvy consumers want human help. According to an industry survey, 53% of millennials want live mortgage advice at the start of the loan process, even before going online to research. Additionally, 57% said they often seek advice face to face, and 64% said they would want in-person interaction for the duration of the process.

To my fellow mortgage competitors – don’t underestimate the human experience. At the end of the day, people genuinely make the difference. Technology should influence the process as a value-add, not as a replacement. Best of luck!