BUFFALO, N.Y., Jun 07, 2023 (SEND2PRESS NEWSWIRE) -- LenderLogix, a leading provider of mortgage automation software and application programming interfaces (APIs), today introduced the Homebuyer Intelligence Report, a quarterly summary of insights into borrower behavior during the home buying process based on data collected by the LenderLogix suite of tools. The inaugural report covers data collected during the pre-approval and borrower application process during the first quarter (Q1) of 2023.
Pre-Approvals
In Q1 2023, borrowers generated 53,281 pre-approval letters through LenderLogix's QuickQual pre-approval platform. On average, borrowers logged into QuickQual roughly 12 times during the quarter to generate pre-approval letters, run payment scenarios or view closing cost summaries. Loan officers pre-approved an average of 24 borrowers during this same period. The average pre-approval letter generated in Q1 was for a loan amount of $292,491, and the average sales price was $334,022, resulting in an average down payment of roughly 12.4%. Conventional loans were the most popular loan type for which borrowers were pre-approved at 72%, followed by FHA (21%), VA (5%) and USDA (1%).
"Given the lack of housing inventory, borrowers and their real estate agents must have a complete picture of the borrower's financing options to ensure they can make a highly competitive offer as quickly as possible," said LenderLogix Co-Founder and CEO Patrick O'Brien. "Lenders need to truly understand the pressures and constraints their borrowers are working under and provide options that empower borrowers to match the speed of today's housing market."
Borrower Conversion
Of the borrowers using QuickQual in Q1 2023, the average number of days between pre-approval and loan submission was 71 days, with the longest being 622 days. 56% of borrowers using QuickQual converted from pre-approved status to loan applicant and generated an average of 9 pre-approval letters before converting.
"What these stats tell us is that the home search process is quite difficult for borrowers, even as competition has cooled slightly from the pandemic-driven frenzy," O'Brien noted. "For loan officers, this should serve as notice to be diligent in your outreach to support your prospects and their agents in what remains a challenging homebuying market and maximize your conversion rate."
Data from the Homebuyer Intelligence Report is available to the industry free of charge. To learn more about LenderLogix, visit https://www.lenderlogix.com/.
About LenderLogix
LenderLogix leverages the four decades of firsthand mortgage origination and real estate experience of its executive team to design customized software and APIs to meet the needs of today's mortgage lenders. The company's suite of products addresses the speed at which today's real estate market moves by delivering technology solutions that create agile and informed borrowers, build strong referral partners and ultimately save lenders time and money. For more information, visit https://www.lenderlogix.com/.
News Source: LenderLogix
Related link: https://www.lenderlogix.com/
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