Mortgage Web Sites Offer Counterweight to Mortgage Scandals

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New Report Scores Leading Lender Sites on Ease of Use and Informativeness

The savviest lenders are investing heavily in their sites despite the housing downturn and the subprime problems. They know their site gives them the ability to reach a person on his or her own terms, which is so important right now

Consumer trust in the mortgage industry is at an all time low. The web, with its ability to reach people on their own terms, should be at the center of lenders' strategy to rebuild their image. The degree to which lenders are ready varies dramatically according to new research released today by Change Sciences Group. The new report looks at what people experienced over the last month as they attempted to complete key activities on 26 leading lender sites.

To jump to report details visit:
http://www.changesciences.com/cgi-bin/reports.html

FIRST IMPRESSIONS
The first time visitor to the average mortgage web site did not see his needs reflected and had a hard time getting started. Only five sites of the 26 sites reviewed provide a completely friction-free first impression to those seeking a mortgage loan. Only 23% of the sites provide a meaningful first impression to those seeking to refinance.

RESEARCHING OFFERS
People who approached lender sites to research loan offers found information about offers nonexistent or hard to digest. More than half of lenders didn't provide detailed information about their offers on their sites. Of those that did provide offers, only two did without usability or content problems.

GETTING INFORMED
Most lender sites made an attempt to provide information that helped educate the mortgage seeker about the complexities of the homebuying process. Of those that did, most left key questions unanswered and can greatly improve the way they present information about the homebuying process.

APPLYING FOR LOANS
More than 80% of lender sites allowed people to apply online. Those that chose to apply often found themselves inconvenienced by a burdensome set of HTML forms. The longest online mortgage application is more than three times longer than the shortest.

"The savviest lenders are investing heavily in their sites despite the housing downturn and the subprime problems. They know their site gives them the ability to reach a person on his or her own terms, which is so important right now," said Steve Ellis, a Change Sciences Partner.

The three best sites overall are:
1. Wells Fargo
2. Wachovia
3. E-LOAN

Other sites evaluated in the report include: ABN AMRO Mortgage, Bank of America, BB&T, Capital One, Charles Schwab, Chase, CitiMortgage, Citizens Bank, Countrywide, E*Trade, First Horizon, GMAC Mortgage, HomeBanc, HSBC, Key Bank, Marshall & Ilsley, National City, National City Mortgage, PNC, Regions, SunTrust, US Bank and Washington Mutual.

For a detailed research overview including more findings, sample data, the report table of contents, and the complete ranking of all 26 sites visit:
http://www.changesciences.com/cgi-bin/reports.html

About Change Sciences Group
Change Sciences was founded in January 2000 to help companies improve online business by basing decisions on how people use technology while they live, work, and play.

If you would like more information about this topic or would like to talk with Steve Ellis, please call Odry Carerra at 888-864-1160 x727.

Contact:
Odry Carrera
Change Sciences Group
888-864-1160 x727

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