Jornaya Head of Consumer Finance Mike Eshelman shares A Lender’s Guide To Remodeling The Home Loan Experience For Millennials in Forbes. Below is an excerpt. Access the full article here.
Until recently, millennial home buyers were weighed down by record student debt and the lingering effects of coming into the labor market during the Great Recession. But that is starting to change. Millennials have emerged as the largest and most active group of buyers in the market and could represent up to 43% of homebuyers by the end of 2018.
This generation is doing what it takes to achieve the American dream, from migrating to the more affordable Midwest, to challenging their lenders to provide a better, more friendly online loan experience. But are they getting what they need?
The short answer is that there is much room for improvement. In fact, borrowers of all ages were less happy with the loan process in 2017 than in 2016, according to a JD Power study, despite advances in digitizing and streamlining the loan process from one year to the next.
So, what are millennials looking for, and how are their mortgage experiences falling short?