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Faster Closings Now Key in Home Lending Race
19 Aug
Summary
- Bank of America and PNC tied for first place in digital mortgage experience.
- Accelerated closing and funding options doubled in availability.
- Lenders build relationships with rewards and incentives.
For the second consecutive year, Bank of America and PNC have achieved a tie for the top position in Keynova Group's 2026 Mortgage-Home Equity Scorecard. This annual benchmark evaluates the digital consumer experience offered by leading U.S. mortgage and home equity lenders.
The competitive landscape in home lending is rapidly evolving, with accelerated closing and funding options emerging as a critical differentiator. Over the past year, the number of lenders offering faster closing processes for mortgages and home equity products has doubled, now available from one-third of surveyed institutions.
These expedited processes are facilitated by technologies such as digital asset valuation, integrated account data, e-signatures, and online notarizations. Additionally, a majority of mortgage lenders and over 40% of home equity lenders now leverage existing customer credentials to pre-fill loan applications, streamlining the process for borrowers.
Beyond speed, lenders are focusing on building deeper customer relationships through comprehensive reward programs. A significant portion of lenders incentivize mortgage holders for utilizing other financial products, such as credit cards and auto loans, offering benefits like reduced loan rates or fraud monitoring.
