MEQUON, Wis. (10/29/12)--With 800,000 online mortgage loan applications submitted through September, Mortgagebot clients have surpassed total annual volume of any previous year, including 2010 with its then record-breaking 725,000 applications.
The volume is an indication of the online channel's strategic value in the mortgage lending industry, said the company.
Aided by a refinancing surge, refinance application volume reached its highest level in more than three years in September. The provider of the Mortgagebot Enterprise end-to-end lending platform anticipates hitting the one million mark by year-end.
Consumer traffic to Mortgagebot client websites is also rising, with nearly 42 million visits year-to-date, a six million increase from the 36 million visits for 2011. About 40% of Mortgagebot clients, which comprise various-sized credit unions, large mortgage lenders and community banks, take more than one quarter of their mortgage applications online.
Mortgage lenders are quickly realizing the need to keep pace with borrower preference for conducting transactions through the online channel, and the numbers show it, said Mortgagebot. The company estimates client numbers since 2010 have increased 33% to nearly 1,300 from 962. The lenders handled nearly 870,000 applications year-to-date, about a 50% increase over the 600,000 applications of 2011.