The New York-based Lieberman Research Group surveyed 251 banks and 79 credit unions and found out that the adoption of “smart” online mortgage applications by credit unions and most banks is expected to rise rapidly. Mortgagebot LLC, survey’s principal sponsor, said none of the respondents were current customers.
The accumulated data from the survey, 18% surveyed lenders said that they already utilizing and currently offering the technology, and 71% lenders said they will get hold of the technology in the near future.
The survey of was conducted by and sponsored by Mortgagebot LLC, a Wisconsin-based provider of online lending technology.
Mortgagebot, one of the biggest provider of lending and Web technology to more than 950 credit unions and banks, describes a “smart” mortgage application system as a “fully transactional, Web-based solution that intelligently guides borrowers through the application, adjusting the questions for applicants according to their unique situations.”
The company said that the survey yielded a confidence level of 95% with a margin of error of plus or minus five percentage points.