SOURCE: Mortgagebot

Mortgagebot

July 05, 2012 15:00 ET

Americans Want Full Truth About Mortgage Fees; Harris Interactive Survey Reveals Accurate Disclosure, Privacy Are Consumers' Top Concerns

MEQUON, WI--(Marketwire - Jul 5, 2012) - Twenty-five percent of Americans indicate that full, accurate disclosure of all fees accompanying a mortgage offer is the most important attribute they would seek if they were to use a mortgage shopping website, according to a recent Harris Interactive® survey of 2,214 U.S. adults aged 18+ that was commissioned by MortgageMarvel.com in June 2012. Another 20 percent would most value the ability to remain anonymous while receiving information about mortgage rates and fees.

The importance of having a clear understanding of all fees was recently driven home by Freeman v. Quicken Loans Inc., a fee-dispute case decided by the Supreme Court. While the court ruled in favor of the lender, it emphasizes the fact that consumers are learning the importance of clear, full disclosure of all fees and closing costs.

"It's revealing that across the age spectrum, so many online users cite full disclosure of fees and privacy as their top priorities," said Rick Allen, chief operating officer of Mortgage Marvel. "This is a confirmation of our commitment to fully disclose fees and closing costs, and to protect anonymity as consumers gather facts about mortgage rates and fees."

U.S. adults were asked this question: "If you were to use an online mortgage shopping website (e.g., Mortgage Marvel, BankRate, LendingTree), which of the following, if any, would be most important to you?"

They ranked the five choices they were given as follows:

  • 25 percent - "Full, accurate disclosure of fees."
  • 20 percent - "Access to rates without having to provide my personal information."
  • 16 percent - "Ability to easily compare rates and fees to other companies."
  • 10 percent - "Protection from unsolicited loan offers."
  • 7 percent - "Accurate, real-time rate quotes."

Another 3 percent listed choices other than those given as options, and 19 percent said "nothing."

The following chart shows differences in ranking by gender and age:

    Gender   Age Group
Attribute   Male   Female   18-34   35-44   45-54   55+
Full, accurate disclosure of fees   27%   23%   26%   27%   23%   24%
Access to rates without having to provide personal information   18%   23%   14%   20%   27%   23%
Ability to easily compare rates and fees to other companies   17%   15%   17%   17%   14%   16%
Protection from unsolicited loan offers   9%   11%   13%   8%   10%   8%
Accurate, real-time rate quotes   8%   7%   9%   5%   7%   6%
Other   4%   2%   6%   2%   2%   1%
Nothing   19%   20%   16%   21%   18%   21%

May not add up to 100 percent because of rounding

Harris Interactive broke down the data by several categories, including geographic region, age, gender, education, income, household size, and employment status. Interesting findings include:

  • Access to rate and fee information without having to provide personal information became increasingly important among higher age groups, higher income levels and higher education levels.

  • Men were more likely than women to value full, accurate disclosure of fees, while women were more likely than men to value gaining access to information without disclosing personal information.

METHODOLOGY

Harris Interactive® fielded the study on behalf of Mortgage Marvel from June 20-22, 2012, via its QuickQuery (SM) online omnibus service, interviewing a nationwide sample of 2,214 U.S. adults aged 18 years and older. Data were weighted using propensity score weighting to be representative of the total U.S. adult population on the basis of region, age within gender, education, household income, race/ethnicity, and propensity to be online.

All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, Harris Interactive avoids the words "margin of error" as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100% response rates. These are only theoretical because no published polls come close to this ideal.

Respondents for this survey were selected from among those who have agreed to participate in Harris Interactive surveys. The data have been weighted to reflect the composition of the adult population. Because the sample is based on those who agreed to participate in the Harris Interactive panel, no estimates of theoretical sampling error can be calculated.

ABOUT HARRIS INTERACTIVE

Harris Interactive is one of the world's leading market research firms, leveraging research, technology, and business acumen to transform relevant insight into actionable foresight. Known widely for the Harris Poll® and for pioneering innovative research methodologies, Harris offers proprietary solutions in the areas of market and customer insight, corporate brand and reputation strategy, and marketing, advertising, public relations and communications research. Harris possesses expertise in a wide range of industries including health care, technology, public affairs, energy, telecommunications, financial services, insurance, media, retail, restaurant, and consumer package goods. Additionally, Harris has a portfolio of multi-client offerings that complement our custom solutions while maximizing our client's research investment. Serving clients in more than 215 countries and territories through our North American and European offices, Harris specializes in delivering research solutions that help us -- and our clients -- stay ahead of what's next. For more information, please visit www.harrisinteractive.com.

ABOUT MORTGAGE MARVEL AND MORTGAGEBOT

Mortgage Marvel (www.MortgageMarvel.com) presents free, accurate, up-to-date mortgage quotes from multiple lenders in an easy-to-understand display. It further enables borrowers to link directly to their preferred lender -- where they can complete a mortgage application and get approved with full disclosures, all in about 20 minutes or less.

Mortgage Marvel is operated by Mortgagebot LLC (www.Mortgagebot.com), the industry-leading, Inc. 5000 company that provides the unique, award-winning PowerSite family of integrated point-of-sale (IPOS) solutions. Mortgagebot blends deep mortgage experience with innovative "cloud-computing" technology to create scalable and affordable Web sites for nearly 1,000 banks and credit unions nationwide.

Contact Information

  • For further information, contact
    Ana Tackett
    480.318.1238
    or
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