Consumers Continue to Turn to the Internet

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LeadCritic pointed to a recent study done by MortgageBot. It turns out that consumers continue to turn to the Internet for help with their mortgage and debt issues. Unfortunately, I am seeing more and more aged leads flow into my inventory that are untouched by good mortgage and debt businesses.

I think this is a great opportunity to help these neglected consumers and leverage these increasingly tech savvy consumers. Here are a few of the interesting highlights from the MortgageBot report:

1. Online mortgage leads are becoming an increasing force in loan originations and production:

“…about 40 percent of our Partners now take more than 25 percent of applications through the online channel. This is a remarkable statistic, given that online applications accounted for less than one percent of all mortgages at the beginning of the decade.

2. Customer income and credit scores continue to rise:

“…median household income and average credit score for all applications submitted through PowerSite. Despite a challenging economic environment in 2008, both figures rose when compared to the results of our

2007 Benchmarks study.”

3. Online consumers are looking for mortgage rates:

“Because 54 percent of consumers who accessed PowerSite checked rates, most visits can be attributed to rate inquires. It is worth noting that use of the “Check Rates” section of PowerSite increased by six percentage points when compared to the results of the 2007 Benchmarks study.”

It looks to me like there continues to be a strong, and strengthening preference for the online mortgage channel.

Are you buying online leads?

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