September 28, 2021

MP Now News

Mortgage News

The three main challenges facing small mortgage lenders

He said, “Older buyers who are doing a renovation or adding a few mortgages are often more comfortable doing everything online than first-time buyers who haven’t had the experience.

“So I think not everything will go online, and I’m saying this because it’s a rare large transaction and consumers who haven’t already really want that human interaction,” he said.

The survey also found that most lenders named online lenders direct to consumers as their main expected competitor over the next five years, followed by mortgage brokers.

Palim said big players like “Quicken and others”, segregated from traditional private lenders, enjoyed a particular advantage during the pandemic as they were positioned for a purely online business model.