Topic Analysis, Q3 2015
Mobile devices are widely and increasingly used for a variety of transactions, including mobile payments and banking. Mobile activity is less common in the mortgage space than other consumer finance market segments, but the opportunity is promising. However, the lower priority that lenders are placing on mobile channels, and the differences in lender and consumer views on mobile tool functionality, could place lenders at risk of not meeting consumer demand or encouraging new entrants to address this growing demand at the expense of existing firms. Getting the right mix of traditional (person-to-person), online, and mobile channels and tools may be a key to future success. Fannie Mae’s Economic & Strategic (ESR) Research Group surveyed senior mortgage executives in August through its quarterly Mortgage Lender Sentiment Survey™ to examine lenders’ marketing channel strategies and mobile technologies to better understand lenders’ mobile technology offerings and the extent to which lenders’ offerings meet consumers’ needs.