Helping Homebuyers Understand What They can Afford: What are Lenders Doing to Help?

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New Study Ranks Mortgage Web Sites on How They help Consumers learn about Mortgage Affordability and the Lending Process. Bank of America scores Best out of 12 Top Lending Sites.

New Study Ranks Mortgage Web Sites on How They help Consumers learn about Mortgage Affordability and the Lending Process. Bank of America scores Best out of 12 Top Lending Sites.

Today most homebuyers and refinancers do their homework. For most this means spending significant time online learning about the process and comparing lender offers. The way banks support these activities through their web sites varies greatly, according to new research released today by web researchers Change Sciences Group.

To jump now to details about the research visit http://www.changesciences.com/Reports/Mortgage.

The banks that perform poorest make consumers dig deep to find details about the lender's offer. On some sites the only way to get details about an offer is to slog through a lengthy loan application, or pick up the phone.

The best sites are rethinking what a lender's mortgage web site should be. These sites are providing insight into things like mortgage affordability while making it easy to see what the lender's offer is likely to be for someone with a given credit score.

"Lenders can position themselves as partners in a complex and sometimes scary process. Giving people real insight about affordability and how credit affects their application while they research offers is a key characteristic of the next generation of mortgage web sites," said Steve Ellis, a Change Sciences partner and one of the authors of the report.

Sites included in the study are: Bank of America, BB&T, CapitalOne, CitiMortgage, Chase, ERA Mortgage, GMAC Mortgage, MetLife Home Loans, PNC, QuickenLoans, SunTrust and Wells Fargo.

Visit http://www.changesciences.com/Reports/Mortgage for the full site rankings, sample charts, and details about the methodology.

About Change Sciences Group
Change Sciences was founded in 2000 to bring advanced user experience research methodologies to the web. The results produced by its Kantuit(TM) interactive user experience modeling technology have been utilized by the world’s top organizations to improve their web sites.

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STEVE ELLIS
Change Sciences Group
888-864-1160 ext. 722
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PAMELA PAVLISCAK
Change Sciences Group
888-864-1160 ext. 725
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