This is a preview of THE ONLINE MORTGAGE LENDING REPORT from Business Insider Intelligence. 14-Day Risk Free Trial: Get full access to this and all Fintech industry research reports. 
Despite the mortgage space representing the largest US lending market — with debt sitting at $9.2 trillion — it's been the slowest to digitize, and incumbents have had little incentive to remove friction from the customer application process.
The customer experience has been hampered by a time-consuming process that requires spending hours filling out an application and gathering documents, a lack of transparency about the status of the process, and uncertainty about what outstanding documentation could be requested later. And with no viable challengers to the status quo, incumbent lenders had little reason to overhaul this process.
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See Also:
- Wells Fargo will no longer accept auto loan applications through independent dealerships
- Vulnerable populations may be at risk of not being able to access funds they need amid the pandemic
- Elfin Market prepares physical credit card launch
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