Survey Shows Online Mortgage Service Popularity, Firm Says
Mortgagebot LLC, a leading online mortgage shopping service, said a recent consumer survey has confirmed that its Mortgage Marvel service is a favorite among mortgage shoppers.
The company said the survey, which it conducted with the Chicago firm Conversion Mill, showed that 81% of consumers rated Mortgage Marvel as "better" or "superior" for mortgage shopping than similar services offered by other national firms.
"Currently more than 70% of borrowers start their mortgage shopping on the Internet, so banks and credit unions are increasingly perceiving online-lending technology as a 'must-have' solution," said Rick Allen, Mortgagebot's director of strategic initiatives. "Lenders are using online mortgage-origination technology to attract new business, and they're gaining impressive benefits from Mortgage Marvel."
Mortgagebot said that the survey asked 563 consumers who used Mortgage Marvel for mortgage shopping about their experience. Almost 20% agreed to the company's invitation and took the March 2010 survey.
Allen acknowledged that Mortgagebot underwrote the survey, but said participation was truly random and anonymous because Mortgage Marvel does not ask for consumer information.
"We had to rely on our partner lending institutions to invite visitors who clicked through to their sites to participate in the survey," Allen said. Partner institutions included both banks and credit unions.
Allen said the survey reveals that consumers place high value on Mortgage Marvel's unique feature set. About 53% specifically cited the ease of comparing multiple rate quotes as Mortgage Marvel's best feature, followed by its anonymity and its accurate, real-time quotes.