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96 The Big Finish Wrap your head around the market's leading indicators. 40% OF HOMEOWNERS HAVE HAD TO CONTACT THEIR MORTGAGE SERVICER FOR QUESTIONS OR HELP ABOUT THEIR MORTGAGE 53% SAID THEY WOULD PREFER TO HAVE ALTERNATIVES TO ONLY SPEAKING DIRECTLY TO A PERSON ABOUT DIFFICULTY PAYING THEIR MORTGAGE 60% SAID THEY WOULD BE TOO EMBARRASSED TO TELL THEIR FRIENDS OR FAMILY IF THEY DEFAULTED ON THEIR MORTGAGE 25% OF HOMEOWNERS BELIEVED THE ONLY WAY TO REACH THEIR SERVICER WAS BY PHONE 30% WOULD BE EMBARRASSED TO ASK FOR ASSISTANCE IF THEY WERE ABOUT TO DEFAULT ON THEIR MORTGAGE 9% OF HOMEOWNERS MAIL IN A CHECK TO PAY THEIR MORTGAGE 5% OF HOMEOWNERS TRAVEL TO A BRANCH TO MAKE A PAYMENT 49% SAID THEY PREFER TO USE DIGITAL SOLUTIONS INSTEAD OF PHYSICAL DOCUMENTS 43% SAID THEY BELIEVED DIGITAL TO BE MORE SECURE THAN PHYSICAL COPIES Source: Brace, "New Study Reveals Demand From Consumers for Digitization in Mortgage Servicing" 96 BORROWERS WANT TO REACH SERVICERS DIGITALLY WHEN HELP IS NECESSARY At the beginning of 2020, the markets were trucking along just fine until we learned of a novel virus that would go on to change nearly every facet of our lives. For many, the allure of small-town life became a necessity as cities became COVID-19 hotspots and were eventually locked down completely. Others decided to forgo major life decisions such as moving for a job (if they still had one), getting married, or even buying a house. Affordability has done nothing but drop since the onset of the pandemic amid a surprise housing boom in what is now the highest inflationary boom seen since 1982. But now, as the world begins to shake off the cobwebs of the pandemic and open up, we look forward to the spring housing market, which acts as a precursor to the prime homebuying and selling time during the summer, to see how many of these pandemic trends stick around. One trend to watch is how servicers handle the digitization of mortgages after pandemic restrictions are only a distant memory. Brace, a cloud-based mortgage servicing platform, commissioned a new study in January to gain insight into consumers' understanding and needs when it comes to mortgage servicing. "e Brace Mortgage Servicing Survey found that homeowners strongly believe connected, digital banking experiences provide them with the care and comfort they desire when managing their loans," Brace said. "More than half of homeowners (53%) report they are seeking an alternative to only speaking directly to a person for help or questions about paying their mortgage."

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