How Well Does your Website Support Your Mortgage Program?

In this time of heavy application volume, mortgage lenders should be taking every step possible to reduce the number of general informational phone calls and try to meet their member’s informational needs in other ways. Yet a recent check shows that many credit unions do not even have basic information about their mortgage programs on their website, let alone rates or fee information. How well does your website support your member’s mortgage information needs? A recent online survey conducted by Callahan’s Survey Consortium provides some direction in terms of the types of information credit union members are looking for when refinancing their mortgage loan.

 
 

n this time of heavy application volume, mortgage lenders should be taking every step possible to reduce the number of general informational phone calls and try to meet their member’s informational needs in other ways. Yet a recent check shows that many credit unions do not even have basic information about their mortgage programs on their website, let alone rates or fee information. How well does your website support your member’s mortgage information needs? A recent online survey conducted by Callahan’s Survey Consortium provides some direction in terms of the types of information credit union members are looking for when refinancing their mortgage loan.

The online survey included credit union members who had refinanced or purchased a home in 2002-01, although not necessarily with their credit union. Credit union members were asked questions regarding their information search and mortgage lender selection.

Not surprisingly, the preferred method for finding out about current interest rates was the internet/websites. On average, members had checked rates with three financial institutions before selecting a mortgage lender. However, many credit unions don’t have this information online at all. Other credit unions have taken a more proactive approach, ensuring that their site shows the current rate for that date even on weekends. Some credit unions offer their members the daily or weekly rate email, which allows them to further market their mortgage services.

Although few members had selected a mortgage lender that they first heard about on the internet, the majority (67%) had used the internet to research their mortgage options (see chart below) . Interest rate information, and general loan information top the list of online resources used by credit union members. The chart also shows the types of information that members are researching on other financial institution websites, perhaps because it’s not available or they’re unaware of their credit union resources.

Although the proportion of members who access their accounts online varies by credit union, even meeting the needs of a smaller member segment can help lessen call volume during this busy time. By ensuring that members have easy access to up-to-date, information on the credit union website, credit unions can help their members as well as save time and money. As one online member said “Put more in-depth information on the website. I do not like to call and bug people with questions. I would rather look it up online and get most of the information I need – rates, procedures, etc.”

 

 

 

Dec. 5, 2002


Comments

 
 
 
  • How many credit unions participated? The 19? Thanks. Good piece! Tracy
    Anonymous