12/17/03
New Survey Finds Consumers More Comforable with Online Mortgage Lending

ATLANTA, December 17, 2003 - Citing lower costs and overall convenience, veterans of online finance are making the leap to online mortgages, according to a customer survey from Amerisave, one of the nation's leading online mortgage originators. The findings of the December online survey are based on responses from 796 customers who recently obtained mortgages through Amerisave.

Respondents indicated a broad level of comfort with managing their finances online. Of those surveyed, 71% have used the Internet for bill payment, 70% for home banking activities, and 57% for investment activities such as electronic trading and asset management. A total of 16% use the Web to obtain property and casualty insurance.

Yet a strong majority of these Web-savvy respondents secured an online mortgage for the first time within the last six months. Seven out of 10 said they had never before used an online mortgage provider. When asked about the main reason for their decision, 77% cited the significant cost savings over a traditional brick-and-mortar institution and 38% favored the overall convenience of the online process. Nearly one in four believed his/her experience was enhanced by the pressure-free nature of the online process, favoring the relative anonymity of applying over the Internet as opposed to the face-to-face encounter at a traditional bank or mortgage company.

Dave Herpers, director of consumer affairs at Amerisave, believes the results indicate a significant turning point in the era of online personal finance. "For nearly a decade, we've seen a distinct progression in the volume and complexity of online transactions," he said. "As consumers become more comfortable dealing with their money via the Internet, they are conducting more complex transactions online, such as mortgage origination."

With historically low rates, the recent surge in online mortgages was driven by the refinancing boom. According to the December 1, 2003 edition of Inside Mortgage Technology, online mortgage originations in the first nine months of 2003 were $816 billion, nearly double the levels for all of 2002 ($434 billion). "The huge number of consumers who have obtained mortgage refinancings online has created a pipeline of Web-savvy consumers who will be comfortable with more complex Web transactions like purchasing a home, Herpers added. "The benefits of speed, convenience, and lower costs are hard to resist."

Based on the survey results, many consumers were very satisfied with the online mortgage origination process. Of those surveyed, 77% reported a ‘very high' level of satisfaction or a ‘high' level. A total of 92% said they would recommend the process to a friend.

The survey also re-affirmed that the Internet remains a vital consumer resource for mortgage-related information. In a sea of lenders, the ability to compare rates on the Web remains a draw for millions seeking the best deal. More than seven out of 10 of those surveyed listed the Internet as a ‘very important' source of mortgage information.



Other Noteworthy Results:

About Amerisave Mortgage

Amerisave Mortgage is one of the nation's leading and fastest-growing on-line mortgage companies, serving customers in all 50 states and DC. Amerisave was established in 2002 with a mission to offer homeowners and prospective buyers the best rates from top banks. Amerisave's low rates and fees are backed by a $300 guarantee that consumers won't find a better offer. Amerisave's website, www.amerisave.com, uses proprietary technology that offers unique advantages for consumers. Amerisave's technology enables it to instantly search rates and loan program from multiple lenders providing consumers with the best mortgage available. Amerisave also provides instant rate and closing cost quotes; the ability to request lock rates 24 hours a day, seven days a week; and a streamlined online application process. Amerisave is headquartered in Atlanta, Georgia.