Turning Loan Prospects into Borrowers
According to the National Survey of Mortgage Brokers (NSMB), about 50 percent of borrowers seriously considered more than one lender before choosing where to apply for their loan. First-time homebuyers were slightly more likely than repeat buyers to shop around for a lender. Twenty-three percent of borrowers applied to more than one lender. Most of these multiple-application borrowers (80 percent) were searching for better loan terms. Thirty-five percent reported concerns over whether they’d qualify for a loan, while 20 percent had been turned down on a previous application.
What steps can lenders take to convert these shop-around prospects into borrowers?
Read the Mortgage Orb blog.