Tag Archives: Homebuyer Intelligence Report

LenderLogix Q3 2025 Homebuyer Intelligence Report Reveals Subtle Shifts in Pre-Approval Volume and Post-App Behavior

BUFFALO, N.Y., Oct. 16, 2025 (SEND2PRESS NEWSWIRE) — LenderLogix, a leading provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, today announced the release of the Homebuyer Intelligence Report, a quarterly summary of insights into borrower behavior during the home-buying process based on data collected by the LenderLogix suite of tools. The latest report covers data collected during the pre-approval and borrower application process in the third quarter (Q3) of 2025.

Image caption: Infographic: LenderLogix’s Q3 2025 Homebuyer Intelligence Report.

Pre-Approvals

In Q3 2025, borrowers generated 8.61% fewer pre-approval letters through LenderLogix’s QuickQual pre-approval platform than in Q2 2025. The average number of pre-approved borrowers per loan officer decreased from 28.6 in Q2 2025 to 25.2 in Q3 2025.

The average loan amount on pre-approval letters declined from $367,305 in Q2 to $328,997 in Q3. Likewise, the average sale price fell sharply from $423,667 to $385,822. However, the average down payment percentage moved in the opposite direction, rising from 13.3% to 14.7% as borrowers brought more funds to the table.

Conventional loans remained the most popular loan type for pre-approved borrowers in Q3, decreasing marginally from 74.7% to 74.6% from the prior quarter. FHA pre-approvals increased marginally from 18.6% to 18.7%. VA decreased slightly from 4.5% to 4.2%, and USDA (1%) maintained its share from Q2 to Q3 2025.

“Despite a modest seasonal decline in pre-approval activity and loan amounts, borrowers are signaling seriousness through larger down payments and steady interest across loan types,” said LenderLogix Co-Founder and CEO Patrick O’Brien. “These trends point to a purchase market that is more price-conscious but still active.”

Borrower Conversion

Of the borrowers using QuickQual in Q3 2025, the average number of days between pre-approval and loan submission increased from 86.3 to 89.5 days in Q3.

From pre-approval to loan application, the conversion rate among borrowers held steady at 56% in Q3. Borrowers required an average of eight pre-approval letters before converting, maintaining the Q2 average into Q3. In total, new applications through the LiteSpeed point-of-sale (POS) platform increased 1.5% from Q2 2025 to Q3 2025.

“Borrower conversion remained steady this quarter, even though the timeline between pre-approval and loan submission lengthened,” said O’Brien. “This suggests that homebuyers are staying engaged despite navigating longer home search cycles.”

Post-Application Engagement

In Q3 2025, the number of documents uploaded through LiteSpeed grew 1.5% quarter-over-quarter. The number of newly created needs lists, including both online applications and those entered by loan officers, increased 1.6% in Q3.

Successful verification of income and employment (VOIE) through POS across all providers increased from 17.1% in Q2 to 17.8% in Q3. Verification of assets (VOA) decreased slightly from 33.7% to 31.2% over the same period.

“Post-application activity showed modest growth, and verification performance remains an area where lenders can continue to gain efficiency,” O’Brien added. “With meaningful differences in verification success rates between providers, the data underscores the importance of lender flexibility and smart vendor selection when optimizing workflow performance.”

Data from LenderLogix Homebuyer Intelligence Report is available to the industry free of charge. To learn more about LenderLogix, visit www.lenderlogix.com.

About LenderLogix:

LenderLogix leverages the four decades of firsthand mortgage origination and real estate experience of its executive team to design customized software to meet the needs of today’s mortgage lenders. The company’s suite of products addresses the speed at which today’s real estate market moves by delivering technology solutions that create agile and informed borrowers, build strong referral partners and ultimately save lenders time and money. For more information, visit https://www.lenderlogix.com/.

NEWS SOURCE: LenderLogix

This press release was issued on behalf of the news source (LenderLogix), who is solely responsible for its accuracy, by Send2Press Newswire. Image, if any, was provided by the news source and not this website or the wire service. Information is believed accurate, as provided by the news source, but is not guaranteed.

To view the original story, visit: https://www.send2press.com/wire/lenderlogix-q3-2025-homebuyer-intelligence-report-reveals-subtle-shifts-in-pre-approval-volume-and-post-app-behavior/

LenderLogix Q2 2025 Homebuyer Intelligence Report Shows Increased Loan Quantities as Borrower Activity Holds Steady

BUFFALO, N.Y., Aug. 5, 2025 (SEND2PRESS NEWSWIRE) — LenderLogix, a leading provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, today announced the release of the Homebuyer Intelligence Report, a quarterly summary of insights into borrower behavior during the home-buying process based on data collected by the LenderLogix suite of tools. The latest report covers data collected during the pre-approval and borrower application process in the second quarter (Q2) of 2025.

Image caption: Infographic: LenderLogix Q2 Homebuyer Intelligence Report.

Pre-Approvals

In Q2 2025, borrowers generated 11.9% more pre-approval letters through LenderLogix’s QuickQual pre-approval platform over Q1 2025. The average number of pre-approved borrowers per loan officer increased from 26.5 in Q1 2025 to 28.6 in Q2 2025.

The average pre-approval letter loan amount increased from $326,714 in Q1 to $367,305 in Q2. The average sales price also increased significantly from $381,820 to $423,667. The average down payment size shows a slight decrease from 14.4% in Q1 to 13.3%.

Conventional loans remained the most popular loan type for pre-approved borrowers in Q2, increasing marginally from 74.2% to 74.7% over the prior quarter. FHA pre-approvals decreased marginally from 19% to 18.6%. VA (4.5%) and USDA (1%) maintained their share from Q1 to Q2 2025.

“Despite the increase in sales price, we’ve seen increased prequalification numbers for conventional, FHA VA and USDA loans, demonstrating borrowers’ desire to purchase,” said LenderLogix Co-Founder and CEO Patrick O’Brien. “Lenders and real estate partners need to be vigilant to help borrowers find homes that fit their prequalification amounts.”

Borrower Conversion

Of the borrowers using QuickQual in Q1 2025, the average number of days between pre-approval and loan submission increased from 79.6 to 86.3 days in Q2. The most prolonged duration between pre-approval and application decreased by sixty-three days from 709 in Q1 to 646 in Q2. The conversion rate among borrowers from pre-approval to loan application increased slightly from 55% to 56% in Q2. Borrowers maintained an average of eight pre-approval letters before converting. In total, new applications through the LiteSpeed point-of-sale (POS) platform increased 8.7% from Q1 2025 to Q2 2025.

“Overall, borrower conversion and activity are remaining fairly steady,” said O’Brien. “Lenders must hone their marketing and outreach strategies to effectively reach the prepared borrowers in their area to remain competitive.”

Post-Application Engagement

In Q2 2025, the number of documents uploaded through LiteSpeed grew 18.3% quarter-over-quarter. The number of newly created needs lists, including both online applications and those entered by loan officers, decreased 16.7% in Q2.

Successful verification of income and employment (VOIE) through POS improved, increasing from 15.5% in Q1 to 17.1% in Q2. Verification of assets (VOA) decreased slightly from 36.7% to 33.7% over the same period.

“While we saw a dip in Needs List creation, the continued growth in document uploads and improved VOIE success rates suggest borrowers are more prepared and proactive after application,” O’Brien added. “That preparation ultimately helps lenders build cleaner, faster-moving loan files.”

Data from LenderLogix Homebuyer Intelligence Report is available to the industry free of charge. To learn more about LenderLogix, visit www.lenderlogix.com.

About LenderLogix

NEWS SOURCE: LenderLogix

To view the original story, visit: https://www.send2press.com/wire/lenderlogix-q2-2025-homebuyer-intelligence-report-shows-increased-loan-quantities-as-borrower-activity-holds-steady/

LenderLogix Q1 2025 Homebuyer Intelligence Report Shows Early 2025 Mortgage Market Momentum, Stronger Loan Engagement

BUFFALO, N.Y., May 6, 2025 (SEND2PRESS NEWSWIRE) — LenderLogix, a leading provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, today announced the release of the Homebuyer Intelligence Report, a quarterly summary of insights into borrower behavior during the home-buying process based on data collected by the LenderLogix suite of tools. The latest report covers data collected during the pre-approval and borrower application process in the first quarter (Q1) of 2025.

Image caption: Q1 2025 Homebuyer Intelligence Report Infographic.

Pre-Approvals

In Q1 2025, borrowers generated 37.8% more pre-approval letters through LenderLogix’s QuickQual pre-approval platform over Q4 2024. The average number of pre-approved borrowers per loan officer increased from 23 in Q4 2024 to 26.5 in Q1 2025.

The average pre-approval letter loan amount slightly increased from $322,532 in Q4 to $326,714 in Q1. The average sales price also increased from $376,436 to $381,820. The average down payment size shows a marginal increase from 14.3% in Q4 to 14.4%.

Conventional loans remained the most popular loan type for pre-approved borrowers in Q1, though decreased marginally from 74.3% to 74.2% below the prior quarter. FHA pre-approvals decreased marginally from 19.1% to 19%. VA (4.5%) and USDA (1%) maintained their share from Q4 to Q1 2025.

“We’re seeing strong early-season activity from homebuyers, which suggests renewed optimism despite ongoing affordability concerns,” said LenderLogix Co-Founder and CEO Patrick O’Brien. “Borrowers are entering the market with intent, and their use of digital pre-approval tools reflects a growing emphasis on speed and preparation in today’s competitive environment.”

Borrower Conversion

Of the borrowers using QuickQual in Q4 2024, the average number of days between pre-approval and loan submission decreased from 91 to 79.6 days in Q1. The most prolonged duration between pre-approval and application increased by fifty-nine days from 650 in Q4 to 709 in Q1. The conversion rate among borrowers from pre-approval to loan application increased slightly from 54% to 55% in Q1. Borrowers maintained an average of eight pre-approval letters before converting. In total, new applications through the LiteSpeed point-of-sale (POS) platform increased 54% from Q4 2024 to Q1 2025.

“Borrowers are clearly staying engaged throughout the early stages of the homebuying journey,” said O’Brien. “We’re seeing signs of increased urgency and lender responsiveness, both of which point to a more active purchase market and continued adaptation to borrower expectations.”

Post-Application Engagement

In Q1 2025, the number of documents uploaded through LiteSpeed grew 48% quarter-over-quarter. The number of newly created needs lists, including both online applications and those entered by loan officers, rose 37% in Q1.

Successful verification of income and employment (VOIE) through POS improved significantly, increasing from 6.5% in Q4 to 15.5% in Q1. Verification of assets (VOA) also rose, climbing from 33.1% to 36.7% over the same period.

“This quarter’s data points to meaningful improvements in post-application engagement,” O’Brien added. “Increases in document uploads, Needs List creation, and verification success rates all contribute to stronger loan files, faster underwriting decisions, and deeper borrower engagement. These trends reflect how the right tools can streamline workflows while also improving loan quality and borrower experience.”

Data from LenderLogix Homebuyer Intelligence Report is available to the industry free of charge. To learn more about LenderLogix, visit www.lenderlogix.com.

About LenderLogix

NEWS SOURCE: LenderLogix

To view the original story, visit: https://www.send2press.com/wire/lenderlogix-q1-2025-homebuyer-intelligence-report-shows-early-2025-mortgage-market-momentum-stronger-loan-engagement/

LenderLogix Q4 2024 Homebuyer Intelligence Report Data Indicates Possible Improvement in Affordability

The LenderLogix 2024/Q4 Homebuyer Intelligence Report Data Indicates Possible Improvement in Affordability

BUFFALO, N.Y., Jan. 21, 2025 (SEND2PRESS NEWSWIRE) — LenderLogix, a leading provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, today announced the release of the Homebuyer Intelligence Report, a quarterly summary of insights into borrower behavior during the home-buying process based on data collected by the LenderLogix suite of tools. The latest report covers data collected during the pre-approval and borrower application process in the fourth quarter (Q4) of 2024.

Image caption: LenderLogix.

Pre-Approvals

In Q4 2024, borrowers generated 37,831 pre-approval letters through LenderLogix’s QuickQual pre-approval platform, a 23.4% decrease from Q3 2024. The average number of pre-approved borrowers per loan officer decreased from 28.5 in Q3 2024 to 23 in Q4 2024.

The average pre-approval letter loan amount slightly decreased from $388,215 in Q3 to $322,532 in Q4. The average sales price also decreased from $446,390 to $376,436. The average down payment size shows a marginal increase from 13% in Q3 to 14.3%.

Conventional loans remained the most popular loan type for pre-approved borrowers in Q4, though decreasing slightly from 76% to 74.3% in the prior quarter. FHA pre-approvals increased somewhat from 17.9% to 19.1%. VA (4%) and USDA (1%) maintained their share from Q3 to Q4 2024.

“The overall decrease and drop in pre-approvals was expected in Q4 as this is historically a lower-volume quarter overall,” said LenderLogix Co-Founder and CEO Patrick O’Brien. “However, the decrease in average sales price is a promising sign for affordability and may indicate a potential increase in mortgage-ready borrowers as the new year begins.”

Borrower Conversion

Of the borrowers using QuickQual in Q3 2024, the average number of days between pre-approval and loan submission held steady at 91 days in Q4. The most prolonged duration between pre-approval and application increased by fifty-seven days from 593 in Q3 to 650 in Q4. The conversion rate from borrowers using QuickQual to loan application decreased slightly from 56% to 54% in Q4. Borrowers generated an average of eight pre-approval letters before converting.

“Despite a large increase in the longest duration between pre-approval and application, the average duration remained the same,” O’Brien noted. “Thus, loan officers can, on the whole, expect borrowers to continue moving through the pipeline steadily and should be prepared to accommodate them.”

Data from LenderLogix Homebuyer Intelligence Report is available to the industry free of charge. To learn more about LenderLogix, visit www.lenderlogix.com.

About LenderLogix

NEWS SOURCE: LenderLogix

To view the original story, visit: https://www.send2press.com/wire/lenderlogix-q4-2024-homebuyer-intelligence-report-data-indicates-possible-improvement-in-affordability/

LenderLogix Q3 2024 Homebuyer Intelligence Report Data: Homebuyers Hold Steady and ‘Wait for the Rate’

BUFFALO, N.Y., Oct. 17, 2024 (SEND2PRESS NEWSWIRE) — LenderLogix, a leading provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, today announced the release of the Homebuyer Intelligence Report, a quarterly summary of insights into borrower behavior during the home-buying process based on data collected by the LenderLogix suite of tools. The latest report covers data collected during the pre-approval and borrower application process in the third quarter (Q3) of 2024.

Image caption: LenderLogix.

Pre-Approvals

In Q3 2024, borrowers generated 49,392 pre-approval letters through LenderLogix’s QuickQual pre-approval platform, a 15% decrease from Q2 2024. The average number of pre-approved borrowers per loan officer decreased slightly from 29 in Q2 2024 to 28.5 in Q3 2024.

The average pre-approval letter loan amount increased by 26% from $308,681 in Q2 to $388,215 in Q3, fueled by a 23% increase in the average sales price from $362,780 to $446,390. The average down payment shrank marginally from 15% in Q2 to 13% in Q3.

Conventional loans remained the most popular for pre-approved borrowers, staying consistent at 76%. All categories held steady through Q3, with FHA pre-approvals barely climbing from 17.8% to 17.9%, while VA (4%) and USDA (1%) maintained their share from Q2 to Q3 2024.

“With the Fed’s announcement that rates will likely drop again, it’s not surprising to see steady-to-slow developments as homebuyers wait for the rate,” said LenderLogix Co-Founder and CEO Patrick O’Brien.

Borrower Conversion

Of the borrowers using QuickQual in Q2 2024, the average number of days between pre-approval and loan submission increased nearly 7% from 85 to 91 days in Q3. The longest duration between pre-approval and application decreased by ten days from 603 in Q2 to 593 in Q3. The conversion rate from borrowers using QuickQual to loan application decreased slightly from 58% to 56% in Q3. Borrowers generated an average of eight pre-approval letters before converting.

“Homebuyers’ behavior has a lot to do with expectations, and we are certainly seeing that with our holding pattern,” O’Brien noted. “With Fannie Mae signaling this fall that its 30-year fixed rate will land at 6.2% by the end of the year, bringing it in line with the MBA’s expected rate before both glide in below 6% in 2025, we can see the effect of anticipation. Nonetheless, there are those who have found what they are looking for now, and they know those lowered rates will mean more demand that could place them in a bidding war.”

Data from LenderLogix Homebuyer Intelligence Report is available to the industry free of charge. To learn more about LenderLogix, visit www.lenderlogix.com.

About LenderLogix:

NEWS SOURCE: LenderLogix

To view the original story, visit: https://www.send2press.com/wire/lenderlogix-q3-2024-homebuyer-intelligence-report-data-homebuyers-hold-steady-and-wait-for-the-rate/

LenderLogix Q2 2024 Homebuyer Intelligence Report Data Shows Home Buying Activity and Fees Collected by Fee Chaser Remain Steady Thus Far in 2024

BUFFALO, N.Y. /ScoopCloud/ -- LenderLogix, a leading provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, today announced the latest release of the Homebuyer Intelligence Report, a quarterly summary of insights into borrower behavior during the home buying process based on data collected by the LenderLogix suite of tools. The latest report covers data collected during the pre-approval and borrower application process during the second quarter (Q2) of 2024.

Pre-Approvals

In Q2 2024, borrowers generated 58,057 pre-approval letters through LenderLogix's QuickQual pre-approval platform, an 8% increase from Q1 2024. The average number of pre-approved borrowers per loan officer increased from 25 in Q1 2024 to 29 in Q2 2024.

The average pre-approval letter loan amount slightly decreased from $309,771 in Q1 to $308,681 in Q2. However, the average sales price slightly increased from $358,175 to $362,780. The average down payment size shows a change, marginally increased from 13.6% in Q1 to 14.6%.

Conventional loans remained the most popular loan type for pre-approved borrowers, staying consistent at 76%. FHA pre-approvals increased incrementally from 17.6% to 17.8%. VA (4%) and USDA share (1%) maintained their share from Q1 to Q2 2024.

"Overall borrower activity has stayed consistent in 2024," said LenderLogix Co-Founder and CEO Patrick O'Brien. "Given these steady numbers, loan officers leveraging our products have been able to maintain steady business and origination levels. With QuickQual's conversation rate at 58% and the average per fee collection size at $646, loan officers are continuing to focus on what's working for them in the current market."

Borrower Conversion

Of the borrowers using QuickQual in Q1 2024, the average number of days between pre-approval and loan submission increased nearly 8% to 85 days compared to 78.29 days in Q1. The most prolonged duration between pre-approval and application decreased from 699 days in Q1 to 603 days. Despite this significant change, the conversion from borrowers using QuickQual to loan application increased slightly to 58% from 57% in Q1. Within this subset, borrowers generated an average of 8.7 pre-approval letters before converting.

"While the Federal Reserve's decision to hold on rate cuts until possibly later in the year may have dampened lenders' expectations, borrowers seem to have come to terms with the current state of interest rates and are committed to buying, though perhaps not to the same degree as in previous purchase cycles," O'Brien noted. "The lesson we've observed through the first half of 2024 is that there is business to be had, but lenders may need to dig deeper to find it."

Data from LenderLogix Homebuyer Intelligence Report is available to the industry free of charge. To learn more about LenderLogix, visit www.lenderlogix.com.

About LenderLogix

LenderLogix leverages the four decades of firsthand mortgage origination and real estate experience of its executive team to design customized software to meet the needs of today's mortgage lenders. The company's suite of products addresses the speed at which today's real estate market moves by delivering technology solutions that create agile and informed borrowers, build strong referral partners and ultimately save lenders time and money. For more information, visit https://www.lenderlogix.com/.

LenderLogix, a leading provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, today announced the latest release of the Homebuyer Intelligence Report, a quarterly summary of insights into borrower behavior during the home buying process based on data collected by the LenderLogix suite of tools. The latest report covers data collected during the pre-approval and borrower application process during the second quarter (Q2) of 2024.

Related link: https://www.lenderlogix.com/

LenderLogix Q1 2024 Homebuyer Intelligence Report Data Shows Increase in Home Buying Activity and Fees Collected by Fee Chaser

BUFFALO, N.Y. /ScoopCloud/ -- LenderLogix, a leading provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, today announced the latest release of the Homebuyer Intelligence Report, a quarterly summary of insights into borrower behavior during the home buying process based on data collected by the LenderLogix suite of tools. The latest report covers data collected during the pre-approval and borrower application process during the first quarter (Q1) of 2024.

Pre-Approvals

In Q1 2024, borrowers generated 53,583 pre-approval letters through LenderLogix's QuickQual pre-approval platform, an increase of 53% from Q4 2023. The average number of pre-approved borrowers per loan officer slightly increased from 20.4 in Q4 2023 to 25 in Q1 2024.

The average pre-approval letter loan amount increased 5% from $294,229 in Q4 of 2023 to $309,771 in Q1. With the average sales price following, increasing 3.7% from $345,351 in Q4 to $358,175. The average down payment size shows a change, decreasing 8% from 14.8% in Q4 to 13.6% in Q1.

Conventional loans remained the most popular loan type for pre-approved borrowers, slightly increasing to 76%. FHA pre-approvals declined incrementally to 17.6% versus 18.5% in Q4. VA (4%) and USDA share (1%) maintain their share from Q4 2023 to Q1.

"Given the jump in QuickQual generated approval letters and the 650% increase in dollar per fee collected through Fee Chaser, all signs point to a promising spring homebuying season," said LenderLogix Co-Founder and CEO Patrick O'Brien. "Lenders are giving borrowers the tools they need to be successful in a hot market and covering their bases with early fee collection to ensure they can take financial advantage of the momentary uptick in volume."

Borrower Conversion

Of the borrowers using QuickQual in Q4 2023, the average number of days between pre-approval and loan submission decreased nearly 10% to 78.29 days, compared to 86.9 days in Q4. The most prolonged duration between pre-approval and application increased slightly from 612 days in Q4 to 699 days in Q1. Despite this significant change, the conversion from borrowers using QuickQual to loan applications increased from 55% in Q4 to 57% in Q1. Within this subset, borrowers generated an average of 7.95 pre-approval letters before converting.

Data from the Homebuyer Intelligence Report is available to the industry free of charge. To learn more about LenderLogix, visit www.lenderlogix.com.

About LenderLogix

LenderLogix leverages the four decades of firsthand mortgage origination and real estate experience of its executive team to design customized software to meet the needs of today's mortgage lenders. The company's suite of products addresses the speed at which today's real estate market moves by delivering technology solutions that create agile and informed borrowers, build strong referral partners and ultimately save lenders time and money. For more information, visit https://www.lenderlogix.com/.

LenderLogix, a leading provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, today announced the latest release of the Homebuyer Intelligence Report, a quarterly summary of insights into borrower behavior during the home buying process based on data collected by the LenderLogix suite of tools. The latest report covers data collected during the pre-approval and borrower application process during the first quarter (Q1) of 2024.

Related link: https://www.lenderlogix.com/

LenderLogix Q4 2023 Homebuyer Intelligence Report Data Shows Steady Home Buying Activity

BUFFALO, N.Y. /ScoopCloud/ -- LenderLogix, a leading provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, today announced the latest release of the Homebuyer Intelligence Report, a quarterly summary of insights into borrower behavior during the home buying process based on data collected by the LenderLogix suite of tools. The latest report covers data collected during the pre-approval and borrower application process during the fourth quarter (Q4) of 2023.

Pre-Approvals

In Q4 2023, borrowers generated 35,008 pre-approval letters through LenderLogix's QuickQual pre-approval platform, a decrease of 23% from Q3. The average number of pre-approved borrowers per loan officer decreased by 15% from 24 in Q3 to 20.4 in Q4.

The average pre-approval letter loan amount in Q4 decreased slightly by less than 1%, to $294,229, compared to Q3's average loan amount of $295,312. The average sales price also stayed nearly the same, increasing less than 1% from $345,031 in Q3 to $345,351 in Q4. The average down payment size shows a slight uptick, moving from 14.5% in Q3 to 14.8% in Q4.

Conventional loans remained the most popular loan type for pre-approved borrowers, with its share remaining steady at 75%. FHA pre-approvals declined incrementally to 18.5% versus 19% in Q3, as did VA (4%) and USDA share (1%).

"Our Q4 findings remain steady in comparison to Q3. With the challenges homebuyers face remaining the same between the two quarters, it's no surprise," said LenderLogix Co-Founder and CEO Patrick O'Brien. "As we gear up for the spring market, it's crucial for lenders to remain vigilant in acquiring the tools and resources essential for enhancing affordability in home buying and guiding potential borrowers through the process.

Borrower Conversion

Of the borrowers using QuickQual in Q4 2023, the average number of days between pre-approval and loan submission decreased to 86.9 days, compared to 89.8 days in Q3. The most prolonged duration between pre-approval and application decreased significantly from 1,274 days in Q3 to 612 days in Q4. Despite this significant change, the conversion from borrowers using QuickQual to loan application increased slightly from 53% in Q3 to 55% in Q4. Within this subset, borrowers generated an average of 8.45 pre-approval letters before converting.

"With the change in interest rates over the last quarter of 2023, borrowers are stepping off the sidelines," O'Brien added. "Given the Federal Reserve's announcement of several interest rate cuts to come in 2024, we can expect this kind of borrower activity to continue to rise."

Data from the Homebuyer Intelligence Report is available to the industry free of charge. To learn more about LenderLogix, visit https://www.lenderlogix.com/

About LenderLogix

LenderLogix leverages the four decades of firsthand mortgage origination and real estate experience of its executive team to design customized software to meet the needs of today's mortgage lenders. The company's suite of products addresses the speed at which today's real estate market moves by delivering technology solutions that create agile and informed borrowers, build strong referral partners and ultimately save lenders time and money. For more information, visit https://www.lenderlogix.com/.

LenderLogix, a leading provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, today announced the latest release of the Homebuyer Intelligence Report, a quarterly summary of insights into borrower behavior during the home buying process based on data collected by the LenderLogix suite of tools. The latest report covers data collected during the pre-approval and borrower application process during the fourth quarter (Q4) of 2023.

Related link: https://www.lenderlogix.com/

LenderLogix Q3 2023 Homebuyer Intelligence Report Data Shows Slight Decline in Home Buying Activity

BUFFALO, N.Y. /ScoopCloud/ -- LenderLogix, a leading provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, today announced the latest release of the Homebuyer Intelligence Report, a quarterly summary of insights into borrower behavior during the home buying process based on data collected by the LenderLogix suite of tools. The latest report covers data collected during the pre-approval and borrower application process during the third quarter (Q3) of 2023.

Pre-Approvals

In Q3 2023, borrowers generated 45,527 pre-approval letters through LenderLogix's QuickQual pre-approval platform, a decrease of nearly 23% from Q2. The average of pre-approved borrowers per loan officer decreased by 11.6% from 28 in Q2 to just over 24 in Q3.

The average pre-approval letter loan amount in Q3 also decreased slightly by 2.5% to $295,312 compared to Q2's average loan amount of $302,836. However, the average sales price stayed nearly the same, decreasing less than 1% from $348,348 in Q2 to $345,031 in Q3, with an average down payment size of 14.5%.

Conventional loans remained the most popular loan type for pre-approved borrowers, with its share slightly rising to 75% versus 71% in Q2. FHA pre-approvals slightly declined to 19% versus 22% in Q2, as did VA (4%) and USDA share (1%).

"Overall, Q3 showed higher down payments, with fewer home shoppers in the market than last quarter, which makes sense given that it is continually getting more expensive for consumers to purchase a home," said LenderLogix Co-Founder and CEO Patrick O'Brien. "As we enter into historically lower volume months, lenders will need to continue to be diligent in equipping themselves with the tools and resources necessary to make home buying more affordable and educate potential borrowers along the way."

Borrower Conversion

Of the borrowers using QuickQual in Q3 2023, the average number of days between pre-approval and loan submission increased incrementally to 89.8 days, compared to 89.3 days in Q2. The most prolonged duration between pre-approval and application also increased to 1,274 days in Q3 from 994 days in Q2. While the increased length between pre-approval and loan submission did not dissuade borrowers in Q2, the same cannot be said for Q3, as conversions from borrowers using QuickQual declined from 58% in Q2 to 53% in Q3. Within this subset, borrowers generated an average of 8.57 pre-approval letters before converting.

"While the overall number of potential homebuyers is down, 'patience' seems to be the mantra for those still in the market, and lenders would do well to follow suit, as industry analysts have revised their forecasts to reflect a tough Q4 and Q1," O'Brien added. "Though there may be fewer buyers and the road to purchase longer than anyone would like, there is still business out there for lenders to capture, and proactive, ongoing communication and education will be key to prospect retention and conversion."

Data from the Homebuyer Intelligence Report is available to the industry free of charge. To learn more about LenderLogix, visit www.lenderlogix.com.

About LenderLogix:

LenderLogix leverages the four decades of firsthand mortgage origination and real estate experience of its executive team to design customized software to meet the needs of today's mortgage lenders. The company's suite of products addresses the speed at which today's real estate market moves by delivering technology solutions that create agile and informed borrowers, build strong referral partners and ultimately save lenders time and money. For more information, visit https://www.lenderlogix.com/.

LenderLogix, a leading provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, today announced the latest release of the Homebuyer Intelligence Report, a quarterly summary of insights into borrower behavior during the home buying process based on data collected by the LenderLogix suite of tools.

Related link: https://www.lenderlogix.com/

LenderLogix Q2 2023 Homebuyer Intelligence Report Data Shows Slight Increase in Homebuying Activity Despite Affordability and Inventory Challenges

BUFFALO, N.Y. /ScoopCloud/ -- LenderLogix, a leading provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, today announced the latest release of the Homebuyer Intelligence Report, a quarterly summary of insights into borrower behavior during the home buying process based on data collected by the LenderLogix suite of tools. The latest report covers data collected during the pre-approval and borrower application process during the second quarter (Q2) of 2023.

Pre-Approvals

In Q2 2023, borrowers generated 58,927 pre-approval letters through LenderLogix's QuickQual pre-approval platform, an increase of nearly 11% over Q1. While the average number of borrower logins to QuickQual declined from 12 times in Q1 to 8 times in Q2, loan officers increased their number of pre-approved borrowers by 16% over the period to 28, up from 24 in Q2.

The average pre-approval letter loan amount in Q2 increased by 4% to $302,836 compared to Q1's average loan amount of $292,491. Additionally, the average sales price increased 5% from $334,022 in Q1 to $348,348 in Q2, resulting in an average down payment of roughly 13% versus 12.4% in Q1.

Conventional loans were again the most popular loan type for pre-approved borrowers, with its share remaining virtually unchanged at 71% versus 72% in Q1. Similarly, FHA pre-approval share remained steady at 22% versus 21% in Q1, as did VA (5%) and USDA share (1%).

"Increases in both pre-approval letters generated and average number of pre-approved borrowers per loan officer signal slight improvements in the homebuying market, which is an excellent sign for lenders struggling under recent market conditions," said LenderLogix Co-Founder and CEO Patrick O'Brien. "However, the rise in average sales price, loan amount and down payment indicate that it's only getting more expensive for borrowers to buy so lenders will need to equip themselves with the tools and resources necessary to make homebuying more affordable."

Borrower Conversion

Of the borrowers using QuickQual in Q2 2023, the average number of days between pre-approval and loan submission increased to 89.3 days, compared to 71 days in Q1. The most prolonged duration between pre-approval and application also increased from 622 days in Q1 to 994 days in Q2. The increased length between pre-approval and loan submission did not dissuade borrowers, as conversions from borrowers using QuickQual rose from 56% in Q1 to 58% in Q2, with those borrowers generating an average of 9 pre-approval letters before converting.

"Lack of inventory is certainly one of the main drivers behind the increase in time between when borrowers get pre-approved and when they submit a loan application, which only compounds the challenges facing today's buyers," O'Brien noted. "However, for the loan officers that remain diligent in their outreach to prospects and agents, that effort seemingly pays off. Thus, loan officers should adjust their expectations around the length of today's home search and increase communication during this time to optimize their conversion rate."

Data from the Homebuyer Intelligence Report is available to the industry free of charge. To learn more about LenderLogix, visit www.lenderlogix.com.

About LenderLogix

LenderLogix leverages the four decades of firsthand mortgage origination and real estate experience of its executive team to design customized software and APIs to meet the needs of today's mortgage lenders. The company's suite of products addresses the speed at which today's real estate market moves by delivering technology solutions that create agile and informed borrowers, build strong referral partners and ultimately save lenders time and money. For more information, visit https://www.lenderlogix.com/.

LenderLogix, a leading provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, today announced the latest release of the Homebuyer Intelligence Report, a quarterly summary of insights into borrower behavior during the home buying process based on data collected by the LenderLogix suite of tools.

Related link: https://www.lenderlogix.com/

LenderLogix Announces Quarterly Homebuyer Intelligence Report

BUFFALO, N.Y. /ScoopCloud/ -- LenderLogix, a leading provider of mortgage automation software and application programming interfaces (APIs), today introduced the Homebuyer Intelligence Report, a quarterly summary of insights into borrower behavior during the home buying process based on data collected by the LenderLogix suite of tools. The inaugural report covers data collected during the pre-approval and borrower application process during the first quarter (Q1) of 2023.

Pre-Approvals

In Q1 2023, borrowers generated 53,281 pre-approval letters through LenderLogix's QuickQual pre-approval platform. On average, borrowers logged into QuickQual roughly 12 times during the quarter to generate pre-approval letters, run payment scenarios or view closing cost summaries. Loan officers pre-approved an average of 24 borrowers during this same period. The average pre-approval letter generated in Q1 was for a loan amount of $292,491, and the average sales price was $334,022, resulting in an average down payment of roughly 12.4%. Conventional loans were the most popular loan type for which borrowers were pre-approved at 72%, followed by FHA (21%), VA (5%) and USDA (1%).

"Given the lack of housing inventory, borrowers and their real estate agents must have a complete picture of the borrower's financing options to ensure they can make a highly competitive offer as quickly as possible," said LenderLogix Co-Founder and CEO Patrick O'Brien. "Lenders need to truly understand the pressures and constraints their borrowers are working under and provide options that empower borrowers to match the speed of today's housing market."

Borrower Conversion

Of the borrowers using QuickQual in Q1 2023, the average number of days between pre-approval and loan submission was 71 days, with the longest being 622 days. 56% of borrowers using QuickQual converted from pre-approved status to loan applicant and generated an average of 9 pre-approval letters before converting.

"What these stats tell us is that the home search process is quite difficult for borrowers, even as competition has cooled slightly from the pandemic-driven frenzy," O'Brien noted. "For loan officers, this should serve as notice to be diligent in your outreach to support your prospects and their agents in what remains a challenging homebuying market and maximize your conversion rate."

Data from the Homebuyer Intelligence Report is available to the industry free of charge. To learn more about LenderLogix, visit https://www.lenderlogix.com/.

About LenderLogix

LenderLogix leverages the four decades of firsthand mortgage origination and real estate experience of its executive team to design customized software and APIs to meet the needs of today's mortgage lenders. The company's suite of products addresses the speed at which today's real estate market moves by delivering technology solutions that create agile and informed borrowers, build strong referral partners and ultimately save lenders time and money. For more information, visit https://www.lenderlogix.com/.

LenderLogix, a leading provider of mortgage automation software and application programming interfaces (APIs), today introduced the Homebuyer Intelligence Report, a quarterly summary of insights into borrower behavior during the home buying process based on data collected by the LenderLogix suite of tools. The inaugural report covers data collected during the pre-approval and borrower application process during the first quarter (Q1) of 2023.

Related link: https://www.lenderlogix.com/