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Congress proposes amending Truth in Lending Act

National Mortgage Professional
Nov 18, 2007

Mortgagebot's Benchmark study tracks and analyzes online lending trendsMortgagePress.comMortgage lending online Mequon, Wis.-based Mortgagebot LLC is pleased to announce that it has completed and released its Benchmarks 2007 study. Benchmarks 2007 is significant because it is based on a comprehensive survey and analysis of the online lending practices and procedures that have been implemented at more than 3,600 mortgage-lending Web sites—Web sites that Mortgagebot maintains for its more than 700 clients nationwide. Benchmarks 2007 was developed as a part of Mortgagebot's ongoing commitment to helping its clients improve their online lending success. The research was conducted, analyzed, interpreted and published at no charge to Mortgagebot clients. "We're delighted to provide this unique and original research to our clients," said Mortgagebot President and CEO Scott Happ. "Our Benchmarks study analyzes the overall online lending practices of all Mortgagebot clients, and the results help them get a sense of how effectively they're responding to industry trends—and how well their businesses compare with their peers." "Our clients run the gamut in size," noted Happ, "so our study data represents the real-world activity of a broad spectrum of lenders. Half of our clients have less than $500 million in assets, and half have more. We're also very proud to serve 25 of America's top 100 banks and thrifts, and 40 of the top 100 credit unions." 2007 study tracks online borrower activity, lender business practices Benchmarks 2007 is the second such study to be done by Mortgagebot, the first one having been published to Mortgagebot clients in 2005. The 2007 study is divided into several sections, which present detailed data analysis on such topics as: • Loan product and decisioning statistics; • Online borrower behavior and Web site usage; • Lender Web site configuration and marketing; and • Lending channels and loan volume. Trends confirmed, myths debunked According to Happ, Benchmarks 2007 presents useful insights into the realm of consumer-direct, Web-based mortgage lending—insights that can help clients sharpen the focus and direction of their lending businesses. The study reveals that: • Young homeowners are turning to the Web for mortgages. More than half of all online mortgage applications are submitted by borrowers who are between 19 and 39 years of age. • The online channel is a force to be reckoned with. One-fourth of the lenders studied now originate more than half of their loan volume via the online channel. • Home-equity loans continue to be popular. The number of lenders implementing home-equity functionality in the direct-to-consumer channel has more than quadrupled since 2004. • Web-savvy borrowers apply for mortgages during peak business hours. Most borrowers visit a mortgage-lending Web site between the hours of 10:00 a.m. and 3:00 p.m., which indicates that they are more likely to apply for a loan while on a break or during a lunch hour than while at home in the evening. • Electronic disclosures are widespread. The number of lenders implementing online, Real Estate Settlement Procedures Act-related disclosure functionality has nearly tripled since 2004. • Loan officers are trading paper forms for online tools. Online lending solutions are moving strongly into the hands of loan officers—the implementation of loan-officer-specific Web sites has more than doubled since 2004. "Benchmarks 2007 also disproves some common online-lending myths," noted Happ. "For example, the median household income and credit score of the average online borrower is significantly higher than some reports would have us believe. Our nationwide data indicates that the median annual income is more than $85,000—and the average credit score is about 709. "We've also learned that the quality of online borrowers is much higher than some industry pundits' claim," Happ said. "Online loan applications taken by our clients have a more than 70 percent approval rate. And the median loan amount was $145,000 against a median purchase price of $210,000—which equates to a loan-to-value ratio of 69 percent." For more information, visit
Nov 18, 2007
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