U.S. banks push mortgage apps as home lending slows [Reuters]
Bank of America Corporation (BAC)
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Source: Reuters
U.S. banks push mortgage apps as home lending slows | Reuters 4 Min Read NEW YORK, April 20 (Reuters) - Big U.S. banks are racing to launch websites and mobile apps to make getting a mortgage faster and easier, investments that may have modest near-term payoffs as home lending activity slows. Lenders have been spending on digital tools to cut costs, eliminate error-prone paperwork and appeal to younger home buyers. However, they are chasing a shrinking pool of refinancing business and new home loan volumes are still below pre-crisis levels. Bank of America Corp has spent $1 billion on its digital banking services in the last six years and launched its lineup of techy mortgage products last week. Wells Fargo & Co rolled out its website and app service during the first quarter, and JPMorgan Chase & Co , which is investing $1.4 billion in technology in 2018, plans to launch its offering later this year. Bank of America’s app automatically fills in a customer’s address, employment history
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