Industry News

Online realty exchange sees profits in customer service

Study finds mortgage shopping cycle too long
Published on Jan 12, 2005

According to a recent study by Real IQ Consulting, more than half of the consumers who submitted a loan quote request through iHomeowners Inc.'s LoanWeb.com site secured a mortgage. In addition, the study shows that the average online mortgage shopping cycle is 61 days, suggesting a need for mortgage originators to reassess traditional methods for better serving the online consumer. "The Real IQ study confirms what we have always known – our online customers are serious about obtaining a home loan," said iHomeowners Inc. President John Hasenauer. "It's crucial that brokers and lenders build a relationship with their online customers during this instant shopping phase. This study proves that the Internet is a highly efficient marketing channel for all loan originators if they tailor their partners and sales processes to serve the online customer." The study found that the rate at which consumers secure a mortgage varies by loan type. Approximately 65 percent of new purchase ho...

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