Despite near-universal satisfaction among age groups, Arizent's survey finds that the mortgage lending process differs for boomers, Gen X, millennials and Gen Z.
NEW YORK, Aug. 9, 2022 /PRNewswire-PRWeb/ -- A new survey conducted by Arizent, the parent company of National Mortgage News, a comprehensive digital information resource serving the entire residential mortgage industry, finds near-universal satisfaction with the mortgage lending process across age groups, but there are still prevalent differences among customer experiences for these generational demographics.
The survey group consisted of 503 respondents who took out a new purchase mortgage and 511 participants who refinanced an existing loan within the previous 12 months. The respondents were spread evenly across baby boomers, Generation X and millennials. Due to the smaller number of participants typically seeking mortgages, 39 Generation Z borrowers were surveyed.
Participants expressed a high rate of satisfaction with the mortgage lending process, with 94% describing themselves as "very satisfied" or "somewhat satisfied." Among the former, 62% of respondents belong to Gen Z, 56% to millennials, 59% to Gen X and 70% to boomers.
Half of survey participants expressed being "very satisfied" with lending transparency, pre-approval speeds, closing times and digital capabilities. Overall, 49% of borrowers said that faster closing times would have created a better experience than other factors like paperless transactions with 29% and technological efficiencies with 21%.
"The digital shift in consumer behavior is evident. The research shows that 65% of borrowers applied for their mortgages online," Janet King, Vice President of Arizent Research, says. "57% of boomers used their computer or tablets while 51% of Gen X, 50% of millennials and 31% of Gen Z went the same route."
"Despite privacy and cybersecurity risks," King adds, "seven out of ten people across all age groups said they would give their income and asset data to mortgage providers for the sake of speed and convenience."
The research also showed that 511 participants who refinanced an existing loan within the previous 12 months answered that they used their original mortgage provider, while another 13% chose their primary financial institution. Another 22% came through referrals from their friends, family members or brokers.
The research additionally examines what expectations customers now have for the mortgage lending process, where do any shortcomings in the process open up opportunity for fintechs and nontraditional financing businesses, and how educating new buyers may improve satisfaction and loyalty.
The full report can be downloaded at: https://www.nationalmortgagenews.com/research-report/mortgage-industry-changes-will-be-driven-by-new-borrower-expectations
To read more on closing speeds and mortgage borrowers' expectations, click here.
Research Background/Methodology
Data was collected online in May 2022 from 1,014 U.S. consumers aged 18 and older, all of whom had either obtained a new purchase mortgage or refinanced an existing loan in the previous 12 months.
For more information on this survey or other Arizent research, contact:
Janet King
Vice President, Research
Arizent
[email protected]
M 207-807-4806
About Arizent Research
Arizent Research delivers actionable insights through full-service research solutions that leverage their first-party data, subject matter expertise, and highly engaged communities across the banking, payments, mortgage, insurance, municipal finance, accounting, HR/employee benefits and wealth management communities. They conduct research to support original insights and analysis for their various editorial and content brands, as well as custom research programs for clients in the industries they serve.
About Arizent
Arizent is a business information company that advances professional communities by providing insights and analysis and convening industry leaders. The company uses deep industry expertise and a data-driven platform to deliver its services, which include subscriptions, marketing services, live events and access to Leaders, an executive forum. Arizent also connects business communities through leading financial services brands like American Banker, The Bond Buyer, Financial Planning and National Mortgage News, as well as professional services brands like Accounting Today, Employee Benefit News and Digital Insurance.
Media Contact
Janet King, Arizent, (207) 807-4806, [email protected]
SOURCE Arizent
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