Borrowers, so used to ease with every other purchase,
will demand industry changes
Here’s a story with a direct bearing on the mortgage industry. A consumer recently went through the
experience of buying a car online. He kept a log of every activity within the process. He found and chose the
car after a few clicks and used a ride-sharing service a day later to pick it up.
The total time to buy the automobile, including financing, was 35 minutes. He’s been evangelizing his
experience to everyone who will listen because, in his opinion, it was far superior to any other automobile
purchase he has ever made. Why hasn’t the mortgage industry similarly evolved?
By Jennifer Henry
Vice president and vertical marketing leader
Equifax Mortgage Services