A majority of people applying for mortgage loans online are applying during work hours, according to a recent survey by ""MortgageMarvel.com,"":http://www.mortgagemarvel.com/?refcd=mortgage%20marvel&gclid=CObzvIbF3LcCFehr7AodrmkAWQ owned by D+H Mortgagebot, a consumer lending technology company based in Mequon, Wisconsin.[IMAGE]
After reviewing more than 650,000 online mortgage applications sent to more than 1,100 lenders last year, Mortgage Marvel found only 15 percent of applications were submitted on weekends.
A majority of those submitted on weekdays--60 percent--were submitted between 7 a.m. and 6 p.m., prompting Mortgage Marvel to assume many applicants are applying while at work.[COLUMN_BREAK]
""You have to assume that most people applying for a mortgage are employed, so they're obviously spending a bit of their workday on their mortgage application,"" said Rick Allen, COO at Mortgage Marvel.
""In fairness though, many applications come in over the lunch hour, and it's also likely that people are doing regular work outside what we traditionally consider to be normal hours,"" he added.
Furthermore, most mortgage applicants only take about 30 minutes to complete their applications.
""People appreciate being able to complete an application on their schedule at their pace,"" Allen said.
About 62 percent of applicants complete their entire application in one session, while the remainder start the process and then log in on a separate occasion to complete it.
Allen reasons those who complete their applications over multiple sessions are either interrupted or need time to gather all the information required on the application.
""We expect the number of online applications to continue to grow for many years to come,"" Allen said.