Industry News

Study: Online mortgage borrowers more likely to use search

But few sites successful at getting real estate loan applications

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Borrowers who applied online for home loans were more likely to have used search and product select tools than those who didn't apply, a June 7 study suggests -- and very few online mortgage sites are successful at getting visitors to apply online. Nearly one in five online mortgage applicants used search, compared with only 7 percent of those who visited online mortgage-related sites but did not apply, according to "Online Mortgage Shoppers' Paths To Purchase: Navigational And Survey Data Uncovers How Prospects Use Sites," a study by Compete and Forrester Research. The study observed navigational behavior from Compete's panel of more than 2 million consumers between June and November 2005 and studying consumer activities at 12 of the largest firms, including traditional firms like Bank of America, direct lenders like ditech.com, and loan aggregators like LendingTree. The study concluded that online mortgage shoppers don't complete many applications. Of the three most successful site...