Mortgage Daily Logo

Best Mortgage Web Sites

Mortgage News


Best Mortgage Web Sites

Change Science report says improvements ongoing

June 21, 2006

By COCO SALAZAR

 

photo of Coco Salazar
More often than not, mortgage Web sites lack information about nonprime loans and give visitors no reason to come back, a new report found. But the pace of improvement is staggering.

About three-fourths of mortgage Web sites are trying to better inform consumers about the mortgage-lending process, but most leave key questions unanswered and can greatly improve the way information is presented, according to the report published by Change Sciences Group.

“The best mortgage sites are working to build trust by giving homebuyers and refinancers the information they need to be smarter mortgage consumers,” said Steve Ellis, a Change Sciences partner, in the announcement. “Yet most are missing opportunities to connect with prospects in a way that establishes a meaningful relationship.”

The report says that less than a quarter of sites actively address the concerns of spotty-credit borrowers, only four of these sites answer all common questions for this group of borrowers.

Change Sciences said that the percentage of sites that provide a persuasive first impression for refinancing borrowers has improved 10% from six months ago to more than four-fifths.

Another key finding was that only a quarter of lenders’ sites attempt to provide information valuable enough to bring visitors back.

In analyzing whether the sites are making the lending process easier, the researchers reportedly found that only 11% are making the most of online pre-approval, and 43% help prospects connect with a loan officer but only 15% do it in a way that instills confidence and is friction free.

Additionally, three-fifths of sites currently have online mortgage applications but almost all can be made easier to complete, Change Sciences said, noting that the “longest online mortgage application is more than three times longer than the shortest.”

Nonetheless, Change Sciences noted that the pace of change for mortgage sites is intensive, as about 66 percent of sites reviewed two quarters ago have been completely overhauled or had less extensive changes, while the rest had no changes at all.

The report recognized the top three mortgage sites as those belonging to Wells Fargo, E-LOAN and GMAC Mortgage. Countrywide placed fourth, followed by Wachovia, E-Trade, ABN AMRO Mortgage, Chase, First Horizon and CitiMortgage.


Coco Salazar is an assistant editor and staff writer for MortgageDaily.com.e-mail: MortgageWriter@aol.com

Related Posts

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

There is No Such Thing as a Free House …

Over the past several years, those who service loans in the State of Washington(1) have seen a dramatic rise in the number of lawsuits in which delinquent borrowers seek to quiet title to their homes on the grounds that lenders are barred from foreclosing based on...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

The Mortgage Graveyard 2018 Archives

The Mortgage Graveyard 2018 Archives Failed, Struggling and Acquired Mortgage-Related Companies Non-Bank Closures 3 Bank Failures (FDIC) 0 Credit Union Failures 0 Total Mortgage-Related Failures 3  

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

MBS Statistics

MBS Statistics Non-Agency Issuance 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 Private Label RMBS Issuance (S&P) $80 billion to $100 billion (est) $70 billion $34...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Sample E-Mail

Sample E-Mail   Covering the Real Estate Finance Since 1999  Mortgage Industry News free news content | view headlines online  Advertorial Text Ad This ad includes a linked bold headline of up to 50 characters and up to 100 words of text. The ad can be...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI