Online Mortgage Application Pace Suggests Demand Still Surging
The pace of applications put in through the Mortgagebot lending platform sites suggests that demand for credit union mortgages has not slowed.
The Wisconsin-based provider of online mortgage application and processing systems said applicants at credit unions and banks which use their service put in more than 800,000 applications through the end of September.
The company anticipates its client financial institutions will see over a million applications through its sites by the end of the year.
“With the world becoming increasingly mobile, lenders must keep pace with borrower preferences. Borrowers view the online channel as the de facto way to conduct business,” said Matt Cotter, senior vice president for sales and marketing for Mortgagebot.
The company said having around-the-clock access by mobile device to the mortgage application process has helped fuel the boom, with interest rate searches via smart phones and tablets moving from 83,231 in 2010 to 623,410 so far in 2012.
In addition, working with an online application process limits questions to only those that are essential, ensures the application is complete before it is submitted and minimizes the need for follow up phone calls, the company said. It also allows the borrower to begin an application on one device and finish it on another.