Executive Summary

Swelling customer demand and alt lenders’ fast online mortgage applications, such as Quicken Loans’ Rocket Mortgage, is forcing banks to react and digitize their own mortgage processes.

Three Key Questions This Report Will Answer:

• How have alternative lenders transformed the mortgage lending process, from back-end automation to borrower experience innovation?
• How are legacy players are responding to the threat as some major banks unveil their own digital mortgage platforms?
• Where should banks that have yet to digitize their mortgage offering focus their efforts?

WHAT’S IN THIS REPORT? In this report, Insider Intelligence will unpack how digitally advanced nonbanks and alt lenders have transformed mortgage lending with a complete end-to-end online mortgage application and fast approval process, including QuickenLoans, loanDepot, and SoFi. Next, we share how legacy players are responding to this disruption by unveiling their own digital mortgage offerings since the beginning of 2018, including: Wells Fargo, Chase, BofA, SunTrust, TD Bank, Ally Bank, and US Bank. Finally, we make recommendations as to the steps remaining banks should take to digitize their mortgage application offering and secure their market share.