More than Half of Mortgage Loan Applicants Now Opting to Apply Using Their Mobile Device
SimpleNexus analysis of tens of thousands of loans shows preference for mobile loan application reached the tipping point in 2Q19
Today we released data indicating that, given the choice, a majority of borrowers now prefer a mobile-driven mortgage loan application process. Mobile applications accounted for more than 50% of the 37,157 mortgage applications submitted through the SimpleNexus platform in the month of May.
Because SimpleNexus’ mobile-native point-of-sale (POS) technology is used by more borrowers and loan originators than any other platform of its kind, its users’ behaviors can indicate changing origination trends, such as borrowers’ rising preference to complete mortgage applications from their mobile devices.
This finding comes as the firm is clocking record loan application submissions and growing at an unprecedented rate. To date, the SimpleNexus platform has connected its 20,000 active loan originators with 1.1 million borrowers and 65,000 realtor partners to produce nearly five million loans totaling over $100 billion in volume.
“Our triple-digit growth and enthusiastic adoption by loan originators, real estate agents and loan applicants shows how SimpleNexus is delivering on a market need for a mobile origination toolset that gets more loans to the finish line, faster,” said SimpleNexus Founder and CEO Matt Hansen. “We are proud to be setting the bar for what a digital mortgage platform should be.”
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