Web Optimization Leads to Eight Times as Many Online Mortgage Apps

Online presence can be extremely beneficial to mortgage lenders, especially those with competitive online rates, optimized websites, and integrated point-of-sale platforms, Mortgagebot data shows, and a growing number of mortgage shoppers are heading to their computers to find information, check rates, and fill out loan applications.

Lenders with optimal Internet presence were able to garner eight times as many online mortgage applications as their less successful counterparts, according to one segment of the Mortgagebot survey.

A record number of mortgage shoppers are utilizing the Internet, much to the benefit of lenders who have developed a strong online mortgage origination platform. Approximately 40% of surveyed lenders reported receiving a quarter of their loan applications online, a huge increase from 2000, when online applications accounted for less than 1% of all mortgages.

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Many in the market for a mortgage use the Internet to research rates, and visitors checking rates accounted for 54% of lenders’ site traffic, says survey data; sites with more competitive rates produced nearly 12 times the volume of their counterparts in 2010.

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Site visitors are also willing to spend time filling out an online mortgage application, the survey reveals. And, even if they don’t have enough time to complete the application, they’ll come back, says Mortgagebot, as nearly half of applications were submitted over multiple sessions, and 90% of the returning users submitted their application within two weeks of starting it.

Those in the market for a mortgage see an added benefit to an online platform as many end up applying after business hours, at 37%.

Mortgage shoppers are highly inclined to fill out applications online, the survey says, as 72% of borrowers who were eligible to fill out an online application did so, if they were given a “simple, optimized, application experience.”

A copy of Mortgagebot’s Benchmarks 2011 survey can be obtained by visiting this website.

Written by Alyssa Gerace

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  • For the last few days, RMD has been inundated with articles on the value of the Internet.  One would think its value would be breath taking.  Based on the content one would expect applications and endorsements would be near their peaks or higher.  Even endorsements are at the lowest points in years.  Applications are waning per HUD. 

    So what is the deal?  Are we in love with a medium which is failing to produce REAL results?   We have even have coaches and instructors begging us to hire them so we will get the best help.  Why do you think that is?

    Is this like the 80s when desk top computers were the rage yet real production in the US man hours sank?  Will we see REAL results in just a few years or is this like the endless man hour efficiency studies which were quite fruitful at first but eventually showed little production results thereafter?

    No doubt there are incremental sales from the Internet.  Document transmission is much faster and more efficient on the Internet as well.  BUT are all other media lead sources using the Internet being exposed to reverse mortgage advertising?  Should we be forsaking other sources to focus on this source.  I will be happy if others are dragged off to the Internet.  It would be great if Urban, MetLife, AAG, and Security One dropped their TV ads to focus on the Internet.  I wholeheartedly support that move.

    The Internet is one source of leads but it is only one.  It may produce multiple times the applications but if those applications do not become closed loans, WHAT good are they.

    Does anyone remember the name Golden Gate Financial?  Just asking.    

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