Survey Finds Rise In Internet Mortgage UsageMortgagePress.comInternet, Mortgage Banking Magazine, MyersA recent study by San Jose, California-based Myers Internet Services, conducted for
Mortgage Banking magazine, found that both mortgage professionals and consumers are
increasingly turning to the Internet for their mortgage needs. The following are some key
highlights from the survey:
++Most polled felt that the Internet was geared more toward refinancing rather than the
purchase of mortgages.
++Of those polled, 73% feel that the Internet plays a strong role in their business strategy.
++Sixty-four percent of the respondents would fill out a mortgage application online, but the
remaining 36% felt the traditional offline process was better because of the direct human
++Only 2% of the respondents felt that a company's brand name was important in the
decision making process, while 59% of the consumers chose a mortgage company based on
++Of the consumers polled, 88% felt that multi-lender sites will flourish on the Internet; 61%
of the mortgage companies surveyed agreed.
++Sixty-five percent of the sites on the Internet post current rates, an increase of 21% over
last year's findings.