For Millennials, Security Tops Speed in Lending Priorities
Published by Uexpress on June 16, 2017
By Lew Sichelman
Millennials, the population cohort whose members were practically born with electronic devices in their hands, are generally considered the most likely to finance a house through a totally automated process. But even they want some hand-holding, according to a recent survey.
Millennials -- generally, folks born in 1982 or later -- are the most likely to start the mortgage process online. But many of them still want to talk to a real, live person to seal the deal, according to a study by Ellie Mae, a loan origination system used by numerous lenders.
Three out of 10 millennials used a high-tech/personal combination to obtain their mortgages. That surpassed Gen Xers, at 28 percent, and baby boomers, at 20 percent.
“Younger members may come in for financial advice,” says Jason Schwabline, senior vice president of product development and strategy for Alogent, a Georgia-based financial software firm with 1,400 credit union clients. “They want a real person to tell them how to plan a savings strategy, how to finance a car, how to pay down their student debt. And the branch officer who counsels them may become not only a trusted adviser, but an influencer of that millennial’s financial decisions for a long time to come.”