Next year, residential loan applications are expected to be completed by millennials through a mobile device for more than $30 billion in mortgages.
Millennials represent 35 percent of all home buyers, and research reportedly indicates they have a strong desire to apply for loans on mobile devices.
Industry economic forecasts have overall purchase-money mortgage originations totaling between $1.054 trillion and $1.100 trillion next year.
Mitek announced on Wednesday its five top 2017 predictions for the financial services and mobile industries, including mortgage originations through mobile.
“We predict millennials will originate more than $30 billion worth of mortgage applications through the mobile channel in 2017,” the statement said.
Mitek
said that it
based its outlook on conversations with the leading global financial institutions, regulatory observations and the study of mobile preferences and the economic impact of millennials.
The San Diego-based company provides mobile capture and identity verification software solutions
Also among Mitek’s predictions were that banks will save $1 billion next year through remote mobile deposit, selfies will be utilized to help authorize or authenticate more than $3 billion in mobile commerce transactions, and
more than 1 billion consumers records will be breached in 2017 “causing many companies to abandon the password for good.”
