According to AOL Real Estate, a Fannie Mae study released earlier this year found that high-income individuals looking for a mortgage went online more than twice the number of low- and middle-income (LMI) individuals.
The move toward digital benefits the higher-income homebuyers with lower application processing and other origination costs, increased transparency and competition, and better matching of products that suit their needs. But a White House report noted that new and complex technologies using algorithms and Big Data could also be used to specifically target the most vulnerable classes with inferior and predatory financial products.
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