Let's look at some data from NAR, McKinsey, and the CFPB regarding consumer buying behaviors…
Online 1003 mortgage application – Short vs Full
Many mortgage marketers will tell you that you should have a short form application on your website instead of the traditional long form 1003. While their intentions are good as most online marketing efforts perform better when using the short form app. The reason is simple; there are fewer hurdles for the new prospect to get to the finish line and request a quote. For the loan officer marketing online the short form app is the better option if you have to choose between the two.
The short form app is great form lead inquiries and the first contact. The short form app literally falls “short” when you are dealing with direct referrals, agents, financial planners and any other traditional business referral channel. The problem is that a short form is irrelevant once you had the contact info and requires the application process to be taken manually.
Many agents real estate agents, financial planners, and past clients are starting the loan process farther down the line and need a way for their clients to efficiently transmit a more comprehensive mortgage application so the loan originator can have their first call with the client be more relevant.
This is where the full secure 1003 form on your mortgage website comes in and is really necessary to generate business from these channels. Potential borrowers need a way to securely fill out a mortgage application on your website.
There are services that you can link to that solely provide secure online 1003 applications. We suggest using an integrated solution for the same reasons we suggest revamping your web presence as a whole. Your mortgage website is your platform to showcase the essence of your business. A third party form that redirects the client to an alternate website will work but if you are serious about your business why not use a solution that has this form built into your site. No redirects, no new foreign URL’s for your customers to submit their info to, just a safe secure portal that in within your site and designed to match your overall corporate look and feel.
You are professional and the tools are available to open up your business to capture new loans from all channels. As you decide on a new mortgage website solution look for one that has an integrated short form app as well as a secure full application.