#USA #Wilmington #Bank of America #Keynova Group #PNC

Elevating the Digital Mortgage Experience

The digital landscape of mortgage and home equity lending is evolving, and Keynova Group's 2025 Mortgage-Home Equity Scorecard sheds light on the advancements made by US lenders. This benchmark report evaluates the top twelve mortgage and home equity lenders and highlights the strides made in enhancing the user experience for borrowers.

A Closer Look at the Top Performers

This year’s analysis saw Bank of America and PNC tie at the top, reflecting their commitment to leveraging digital tools that streamline loan origination processes. Both banks have embraced innovative strategies to provide prospective borrowers with improved visibility into mortgage rates and the application process.

Bank of America earned its first-place ranking due to its efficient mortgage application process which allows applicants to digitally lock in mortgage rates. This approach not only simplifies the process for users but also provides them with assurance in a fluctuating market. Meanwhile, PNC distinguished itself with its Home Insight Planner tool and real-time mortgage prequalification, marking its return to the top tier since 2021.

According to Beth Robertson, managing director at Keynova Group, “Today's consumers are meticulously seeking ways to make homeownership attainable amid high interest rates and stabilizing prices.”

Importance of Rate Visibility

With interest rates holding a pivotal role in driving mortgage activity, lenders must prioritize transparency in displaying their rates. The Scorecard revealed that more than 80% of lenders provide clear visibility of mortgage and refinancing options on their platforms. Furthermore, a noteworthy 42% have updated their sites to present detailed information concerning rate combinations and associated closing costs.

The report noted that lenders are also promoting low down payment alternatives prominently, with over 80% detailing available grant programs aimed at assisting borrowers achieve homeownership.

Enhancing Digital Application Processes

In sync with consumer demands, lenders are increasingly integrating their loan processing steps to create user-friendly digital experiences. Most lenders now connect mortgage applications with loan status tools, allowing applicants to track their progress, upload necessary documents, and communicate seamlessly with loan representatives.

Moreover, by automating the verification of applicant data, over 80% of lenders minimize the time spent on data entry, fostering a smoother transition from applicant to customer. The report notes that more than 40% of lenders now provide fully digital mortgage pre-approvals, reserving applicant details for future use, facilitating efficiency in the mortgage approval process.

Home Equity Lending in the Spotlight

As many consumers shy away from new home purchases due to high prices, home equity lending has garnered attention as an alternative financial solution. The Scorecard indicates that 75% of evaluated lenders are enhancing their home equity product offerings. This trend includes the introduction of interest-only payment options during draw periods, improving affordability for users.

Furthermore, a significant number of lenders have also begun offering variable-rate lines with fixed-rate conversion options, contributing to borrowers' financial stability in an uncertain economic climate. New features like initial soft credit pulls within the application processes are making home equity lending increasingly attractive.

Conclusion

The 2025 Mortgage-Home Equity Scorecard by Keynova Group not only highlights the competitive landscape of the mortgage lending industry but also underscores the vital role digital resources play in enhancing borrower experiences. As the market continues to evolve, lenders that adapt to the changing digital demands will likely emerge as frontrunners in meeting consumer needs. For more insights and data, visit Keynova Group's Scorecard.