Magazine article Mortgage Banking

Everyone's Online

Magazine article Mortgage Banking

Everyone's Online

Article excerpt

INTERNET LENDING WAS SUPPOSED TO TAKE THE MORTGAGE INDUSTRY BY STORM A FEW years back. The growth was to be exponential. Everyone was going to take their own loan applications and send them in via the Web. It would be a channel that would trump all others for low costs.

But there was a hitch--mortgages are just too complicated for self-service, and people felt the need for expert counsel. Today this is true more than ever, as the types of mortgages have grown even more complex. So where does that leave this channel that has so much promise as a shopping tool? It leaves it in a growth mode as the supporting mortgage industry technology that makes it a viable transaction channel continues to emerge.

[ILLUSTRATION OMITTED]

This month we take stock of online mortgage lending as a growing production channel--not just in wholesale, but in retail as well. Our cover story, "Googling for Mortgages," by Mary McGarity, explores some lenders that are making online lending work and the tools and strategies that are key to their success. The article examines lenders that have mastered the art of marketing on search engines so their sites are the first to pop up when consumers surf the Web for a lender. …

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