Looking more specifically at the home loan process, increases in the use of mobile devices include:

• Nineteen percent of consumers read loan documents provided by the lender on a mobile phone or tablet, up from 10% in 2019.
• Sixteen percent of consumers uploaded documents requested as part of the loan approval process via a mobile device, up from 9% in 2018.
• Twenty-one percent received their loan application decision via their mobile device, up from 11% in 2018.

In addition, use of mobile devices to initiate home loan payments almost doubled between 2018 and 2019, with 35% using this method in 2019 compared with just 18% the year prior.

When it comes to home loans, most people (71%) are "somewhat or very comfortable" with the idea of completing loan applications online through a laptop or desktop, up from 67% in 2018. The most notable shift is with mobile applications, where 41% are comfortable, compared to only 29% last year.

Interest in mobile wallets as a home loan payment method is also growing, with 24% of consumers expressing interest in using this method to make home loan payments, compared to 13% in 2018.

Screen size (56%) and security concerns (51%) are the main barriers to mobile loan applications, although there are options that would make consumers more likely to complete the loan process via a smartphone or tablet.

Among those who are not at all or not very likely to complete a loan application via smartphone or tablet: 22% said improved website security would make them more likely to complete the loan process via a smartphone or tablet; 17% said access to a representative online would change their minds, up eight percentage points from last year; and the option to pause an application in order to continue in person with a representative would sway 16%, a six-point increase from 2018. The ability to continue online via a laptop or desktop computer (16%) would also be persuasive.

To speed up the loan process consumers are willing to take a number of actions, for instance: 67% would be willing to electronically sign documents using a mobile device (up from 59% in 2018); 61% would be willing to take pictures of loan documents on a mobile device for uploading (up from 51% in 2018); 57% would be willing to allow the lender to verify their identity by uploading a selfie from a mobile device (up from 48%).

After interest rates (50%) and fees (39%), customer service and lender reputation are reasons for choosing a lender, with 37% and 29% respectively giving those as reasons behind choosing a lender.

The majority of borrowers (69%) are satisfied with their home loan process. Among the 31% who report not being fully satisfied, 51% said the process took too long – a 17% increase from 2018. Additionally, 46% said there was too much paperwork involved.

The leading reasons consumers abandoned a home loan application: Poor customer service (46%) and changes to the interest rate or terms (41%). The number who stopped a loan in process due to the lender asking them for the same document twice doubled from 2018 to 36%.

The survey, conducted online within the United States by Harris Poll from May 9-29, 2019 included 3,050 interviews among U.S. adults ages 18 and older. They met the following criteria: someone in the household currently had a checking account with a bank, credit union, brokerage firm or other financial organization and had used their checking account to pay a bill or make a purchase in the past 30 days.