Survey of Recent Homebuyers on Digital Verification Technology

This report presents findings from a survey conducted by Fannie Mae's Economic & Strategic Research Group, focusing on recent homebuyers' experiences and preferences regarding digital verification technology in the mortgage process. The survey, conducted from January to March 2024, involved 1,201 recent homebuyers who acquired mortgages in 2023. The report outlines the objectives of the research, which include understanding homebuyers' channel usage, assessing their interest in digital verification for income and employment verification, and identifying concerns related to this technology. Key findings indicate a significant increase in interest for a more digital mortgage process, with 90% of respondents expressing interest compared to 63% in 2021. The report also highlights that while many homebuyers prefer online methods for various mortgage-related tasks, a substantial number still favor in-person home tours. Additionally, the report details demographic variations in preferences and concerns regarding data security in the digital verification process.