Industry News

Tech a ‘key weapon’ in slow real estate market

Part 1: Technology innovation in shrinking mortgage market

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Editor's note: The mortgage market is shrinking and more lenders and mortgage brokers are turning to online lead-generation services and automated systems to stay ahead of the curve. In this three-part series, Inman News explores what online channels and automated processes the mortgage industry is using to attract customers and streamline lending in a tightened market. (See Part 2 and Part 3.) As growth in consumer lending slows, technology will be a "key weapon" lenders can use to win profit share and succeed in the marketplace, an analyst said in an online seminar last week. "Growth in baseline consumer lending is slowing," said Bobbie Britting, senior analyst, consumer lending at the Tower Group, in a Webinar Thursday. "The major players in the market such as Fannie Mae, Freddie Mac and the Mortgage Bankers Association have estimated that it will be down anywhere from 14 to 20 percent this year," Britting said. Her own estimate is that growth will be down 8-1/2 percent, Brit...