MReport July 2019

TheMReport — News and strategies for the evolving mortgage marketplace.

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TH E M R EP O RT | 13 TAKE 5 MDWELL M // How important is it for lenders to have that personal touch in an increasingly technology-driven lending environment? BOLAND // A personal touch is key. At Bank of America, we frequently refer to "high-tech high-touch" to describe the ideal combination of digital and person- al interaction, based on individual desires and needs. We've seen the value of this integrated approach through our Digital Mortgage Experience. To complement digital tools, borrowers can receive customized guidance and advice by consulting a lending specialist. Often we find that our clients prefer to complete most of their loan application through a digital tool, but then they choose to have a conversation with a lending expert who will assess the homebuyer's needs and loan choices and help them feel confident in their decisions. M // What are some of the steps that mortgage lenders can take to streamline and enhance the lending experience for borrowers? BOLAND // Get rid of all the paper. For example, we've digitized almost all of the document and data collection, reducing the 330 fields of data entry on a stan- dard 1003 to less than 10 fields of input for our borrowers. We also recently introduced prequalifica- tion and preapproval capability in our Digital Mortgage Experience to give clients an earlier look at what they can afford and how much they can qualify for…before they go house-hunting. With this infor- mation in hand, they can be more knowledgeable and competitive buyers when they find a property. Self-directed tools are also important. They include edu- cational platforms that provide access to calculators, videos, and other easy-to-digest information that reinforces the guidance their lending officer provides. Lastly, communication chan- nels should be wide open. Clients consume information and transact in a variety of ways, so offering them multiple options is vital. For example, we know that people rely on texting to communicate in their everyday lives. So, we launched "Text Us," which gives clients quick, easy mortgage, auto, or home equity financing info by simply texting the word "mortgage," "auto loan," or "home equity," depending on their needs, to 226 526 (BANK AM). First-Time's the Charm A wide range of factors contribute to why millennials decide to move to certain areas, remain for an extended period, or choose to relocate shortly after their arrival. T he state of the job market and affordability considerations in a given location are two of the main reasons that impact millennials the most, according to the National As- sociation of Realtors' 2019 report entitled "Most Popular Areas for Millennials: Where They Move and Stay." The report analyzed employment gains, population trends, income levels, and housing conditions in the largest 100 metropoli- tan statistical areas across the country to identify the most popular areas for millennials. The top 10 metro areas were selected because of their high share of both present millennial residents and recent movers, as well as their favorable employment opportunities. Source: National Association of Realtors, "Most Popular Areas for Millennials: Where They Move and Stay" 10 Best Markets for Millenials 1. Bakersfield, California 2. Denver-Aurora-Lakewood, Colorado 3. Durham-Chapel Hill, North Carolina 4. El Paso, Texas 5. Grand Rapids-Wyoming, Michigan 6. Madison, Wisconsin 7. Oklahoma City, Oklahoma 8. Omaha-Council Bluffs, Nebraska-Iowa 9. Salt Lake City, Utah 10. Seattle-Tacoma-Bellevue, Washington 10 Worst Markets for Millenials 11. North Port-Sarasota-Bradenton, Florida 12. Palm Bay-Melbourne-Titusville, Florida 13. Cape Coral-Fort Myers, Florida 14. Bridgeport-Stamford-Norwalk, Connecticut 15. Deltona-Daytona Beach-Ormond Beach, Florida 16. Miami-Fort Lauderdale-West Palm Beach, Florida 17. Lakeland-Winter Haven, Florida 18. Allentown-Bethlehem-Easton, Pennsylvania-New Jersey 19. Oxnard-Thousand Oaks-Ventura, California 20. Providence-Warwick, Rhode Island-Massachusetts The industry has evolved tremendously–just look at the transformation from paper to digital. But beyond that, and more importantly, is the focus on responsible and sustainable lending, as well as accessible opportunities for our diverse communities.

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