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Volume 18 - Number 24

November 28, 2014

Digital Services Could Increase Share, Boost Profits

Banks are lagging behind consumer expectations when it comes to digital technologies, especially as far as younger, more elusive borrowers are concerned. But for those institutions that get with the program, they can boost their market share and their bottom line, a new study from Cisco Consulting Services suggests. For mortgage lenders, making an obvious move in a digital direction, such as offering a remote “video mortgage,” could increase profits by as much as $134 million for a financial institution with $10 billion in annual revenue, according to the study. There appears to be strong market interest in such services. Fifty-four percent of U.S. respondents surveyed were interested in the mortgage advisor concept, and 42 percent would likely choose a ...

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Poll

HUD has announced a 25 basis point cut in FHA premiums, which is slated to take effect in late January. Is your lending shop for or against a cut in FHA premiums?

For. It should help lending volumes.
Against. The private MI sector should take on this risk, not the government.
Too early to say.
I believe the new White House may scuttle the idea so it doesn’t matter.

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