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Q: Online consumer finance ( Answered,   0 Comments )
Subject: Online consumer finance
Category: Miscellaneous
Asked by: yourficomatters-ga
List Price: $35.00
Posted: 20 May 2003 13:31 PDT
Expires: 19 Jun 2003 13:31 PDT
Question ID: 206467
Do U.S. consumers research and apply for refinancing and home equity
loans online as frequently as they research and apply for mortgage
loans online?

Request for Question Clarification by journalist-ga on 20 May 2003 16:06 PDT
I wanted to let you know that I this question locked and I researched
your query for a couple of hours but found no solid information.  A
Researcher may be able to find Internet statistics for searches for
the two terms you mention.  Would that be an acceptable answer?
Subject: Re: Online consumer finance
Answered By: ragingacademic-ga on 21 May 2003 00:02 PDT
Dear yourficomatters,

Thanks for your question.  First, let me request that if any of the
following is unclear or if you require any further research – please
don’t hesitate to ask me for a clarification.

You asked whether U.S. consumers research and apply for refinancing
and home equity loans online as frequently as they research and apply
for mortgage
loans online?

As journalist-ga has pointed out, there is a dearth of information on
this subject on the Web.  However, turning to proprietary data
sources, I have uncovered one survey conducted in November 2002 that
is highly relevant and does offer one answer to your question. 
Results of this survey were published in an article titled “Online
Members Very Open To Online Mortgage Apps,” in the December 2002 issue
of the Credit Union Journal.

The survey, conducted in November 2002, included responses from 28,720
online credit union members in 17 leading credit unions.

Customers who had refinanced a mortgage were asked whether they would
use an online application next time they refinance, and 59% responded
in the affirmative.  Customers who had purchased a home were asked
whether they would use an online application for their next mortgage,
and 56% said they would.

These results would seem to indicate that consumers would research and
apply for a refi or a mortgage with more or less equal frequency (the
3% difference is likely within the margin of error attributed to this
survey – although the margin of error was not published, it is
typically in the range of 3% to 5% in such surveys).


Online Members Very Open To Online Mortgage Apps. Credit Union
Journal, 6(50): 9, December 16, 2002

On the other hand, the 1998-1999 Mortgage Industry Survey published in
“Mortgage Banking” claimed that –

“Internet is better suited to refinancing rather than to purchase
money mortgages. This is because consumers who are refinancing are not
influenced by a realtor, more experienced in the mortgage process, and
more willing to go online.”

“Internet Lending Is For Real,” Myer, Warren H, Mortgage Banking, 59
(11): 20-32, August 1999

A couple of reports from the mortgage industry association provide a
wealth of data concerning consumers’ mortgage and home loan shopping
habits –

And still more great data can be found here –

Although I can’t immediately see anything that applies to the issue
you are researching on that last page.

I hope this response adequately addresses your request.  Please let me
know if you are in need of additional information concerning this


Additional Links:

Mortgage and Market Data (tons of information from the mortgage
bankers’ association) -

Search Strategy:

"mortgage banking"
"mortgage bankers association of america"
online and refinancing and mortgage

Request for Answer Clarification by yourficomatters-ga on 22 May 2003 15:22 PDT
Thanks for your effort, and sorry for the delay getting back to you. 
Your answer is somewhat helpful, but I was really hoping for
information covering the total online loan-seeking population, i.e.,
total consumers or unique web visitors researching online for refi vs.
home equity vs. mortgages.  Do you think you can dig some more? 

Clarification of Answer by ragingacademic-ga on 22 May 2003 15:45 PDT
yourficomatters -

I'll gladly try some more, although retrieving the information I had
uncovered did take quite some time (note that Journalist-ga, an
excellent researcher - in my mind one of our best, had commented that
he spent a couple of hours on this query but could not find anything

Also, please note that you asked -

"Do U.S. consumers research and apply for refinancing and home equity
loans online as frequently as they research and apply for mortgage 
loans online?"

...and you did not ask for the number of such applications (which
would only be an estimate in any case, given that it would be based on
a survey rather than on a census).

In any event, I'd like to see you walk away a satisfied customer!
Since I'll be away for the long weekend, please check back around


Clarification of Answer by ragingacademic-ga on 29 May 2003 15:08 PDT
yourficomatters - 
I have not forgotten your request, and am still trying to identify
relevant data; have also sent out some "feelers..."

Will keep you updated.

There are no comments at this time.

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