Spruce, the proptech company, powering online real estate transactions through technology, today released new survey findings showing the frustrations of borrowers, citing the time it takes to close as the most frustrating part of the overall mortgage origination process. These findings highlight the immense opportunity to increase borrower satisfaction through technology solutions in real estate transactions.
Over the last year, the time-to-close was about 47 days. On average, lenders who have opted to partner with Spruce close 25% faster–resulting in more satisfied borrowers and a better overall home buying experience. By implementing a partnership with Spruce, partners can better offer a fast, transparent, and predictable process–qualities that are hard to come by.
Spruce‘s national survey findings show the appetite for a better closing process:
- 82% of homeowners surveyed agree that technology could make buying a home easier
- 45% of homeowners surveyed cited the “time it takes to close” as the most frustrating part of the home buying process (even more than finding a home within budget, putting the offer in, getting a good deal, and confusion with the overall process)
- Nearly half (48.5%) of homeowners surveyed think real estate transactions are outdated
“In 2020, we saw origination times tick back up to levels significantly higher than last year,” said Patrick Burns, CEO and co-founder of Spruce. “Lenders need to ensure they’re continuing to apply technology across their origination workflow to cater to what borrowers really care about–time-to-close being one of the most pertinent.”
With more than 80% of survey respondents agreeing that technology could make home buying easier, the lender landscape is perfectly positioned for digitization, bringing a new level of transparency and speed that will benefit both lenders and borrowers alike.
