An Ernst Publishing Co. survey shows the mortgage lending industry’s use of mobile technologies is lagging behind other financial services.
More than 80% of the attendees at a recent American Land Title Association Business Strategies Conference in Oklahoma City who participated in the survey said they use
However, only 17% offer at least half of the business services to consumers via mobile devices.
Ernst surveyed over 8,500 industry participants, including title agents, lenders, escrow agents, attorneys, real estate agents and technology vendors.
“While each of us is the best evidence that consumers want access to mobile tools,” said Gregory Teal, Ernst president and CEO, primarily due to its “risk-averse nature” the mortgage industry continues to dwell on past trends of lagging behind in technology adoption.
The finding indicates mobile technology is “a significant competitive opportunity” mortgage companies need to further explore and innovate, he said.
The Albany, N.Y.-based real estate and home finance industry data provider is closely watching the mobile technology marketplace.
In 2012 Ernst started offering custom mobile apps that provide estimated or guaranteed closing cost fee generation at the point of sale.
Its Cost to Close platform is one example of how users can customize their offering on a website or as an app on iPhones, iPads, Androids and Windows-based equipment. Title companies, lenders and real estate brokerages can use it to brand and share pricing information with their prospective clients.
