Mortgage lending remained strong for credit unions throughout 2021 despite the current challenges of supply and pricing in the housing market. At the same time, the way business is done is continuing to evolve and become more digitized, and it will continue to do so in 2022. Here are couple of mortgage trends that, according to The Financial Brand, your credit union should be watching into next year:
Changes To The Home Buying Experience
With the rise of artificial intelligence, remote work, and increased preference for online buying options, the expectations of consumers are only increasing, and this increased expectation also applies to the home buying process. The desire for a seamless, digital experience from choosing a home to closing the deal is not going away, so credit unions will need to be aware of those expectations throughout the mortgage process.
New Buying & Lending Tools
The way home buyers shop for houses and apply for loans is slowly relying less on paper and more on technology. For example, you may have heard of virtual home tours where perspective buyers don’t have to look at a house in person (though a friend or real estate agent will usually be there in person to explain or describe certain aspects of a property). Credit unions need to adapt to new technology and move away from stacks of paperwork, especially if they want to bring in more younger buyers.