LenderLogix Q1 2024 Homebuyer Intelligence Report Data Shows Increase in Home Buying Activity and Fees Collected by Fee Chaser


BUFFALO, N.Y., Apr 16, 2024 (SEND2PRESS NEWSWIRE) -- LenderLogix, a leading provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, today announced the latest release of 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 latest report covers data collected during the pre-approval and borrower application process during the first quarter (Q1) of 2024.


In Q1 2024, borrowers generated 53,583 pre-approval letters through LenderLogix's QuickQual pre-approval platform, an increase of 53% from Q4 2023. The average number of pre-approved borrowers per loan officer slightly increased from 20.4 in Q4 2023 to 25 in Q1 2024.

The average pre-approval letter loan amount increased 5% from $294,229 in Q4 of 2023 to $309,771 in Q1. With the average sales price following, increasing 3.7% from $345,351 in Q4 to $358,175. The average down payment size shows a change, decreasing 8% from 14.8% in Q4 to 13.6% in Q1.

Conventional loans remained the most popular loan type for pre-approved borrowers, slightly increasing to 76%. FHA pre-approvals declined incrementally to 17.6% versus 18.5% in Q4. VA (4%) and USDA share (1%) maintain their share from Q4 2023 to Q1.

"Given the jump in QuickQual generated approval letters and the 650% increase in dollar per fee collected through Fee Chaser, all signs point to a promising spring homebuying season," said LenderLogix Co-Founder and CEO Patrick O'Brien. "Lenders are giving borrowers the tools they need to be successful in a hot market and covering their bases with early fee collection to ensure they can take financial advantage of the momentary uptick in volume."

Borrower Conversion

Of the borrowers using QuickQual in Q4 2023, the average number of days between pre-approval and loan submission decreased nearly 10% to 78.29 days, compared to 86.9 days in Q4. The most prolonged duration between pre-approval and application increased slightly from 612 days in Q4 to 699 days in Q1. Despite this significant change, the conversion from borrowers using QuickQual to loan applications increased from 55% in Q4 to 57% in Q1. Within this subset, borrowers generated an average of 7.95 pre-approval letters before converting.

Data from the Homebuyer Intelligence Report is available to the industry free of charge. To learn more about LenderLogix, visit

About LenderLogix

LenderLogix leverages the four decades of firsthand mortgage origination and real estate experience of its executive team to design customized software 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

News Source: LenderLogix

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