{"id":103298,"date":"2024-02-01T07:00:42","date_gmt":"2024-02-01T12:00:42","guid":{"rendered":"https:\/\/www.send2press.com\/wire\/?p=103298"},"modified":"2024-02-01T15:40:58","modified_gmt":"2024-02-01T20:40:58","slug":"lenderlogix-q4-2023-homebuyer-intelligence-report-data-shows-steady-home-buying-activity","status":"publish","type":"post","link":"https:\/\/www.send2press.com\/wire\/lenderlogix-q4-2023-homebuyer-intelligence-report-data-shows-steady-home-buying-activity\/","title":{"rendered":"LenderLogix Q4 2023 Homebuyer Intelligence Report Data Shows Steady Home Buying Activity"},"content":{"rendered":"

BUFFALO, N.Y., Feb. 1, 2024 (SEND2PRESS NEWSWIRE) — LenderLogix<\/a>, 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<\/em>, 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.<\/p>\n

\"LenderLogix\"
Image Caption: LenderLogix.<\/em><\/p>\n

Pre-Approvals<\/em><\/strong><\/p>\n

In Q4 2023, borrowers generated 35,008 pre-approval letters through LenderLogix\u2019s QuickQual<\/a> 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.<\/p>\n

The average pre-approval letter loan amount in Q4 decreased slightly by less than 1%, to $294,229, compared to Q3\u2019s 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.<\/p>\n

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%).<\/p>\n

\u201cOur Q4 findings remain steady in comparison to Q3. With the challenges homebuyers face remaining the same between the two quarters, it\u2019s no surprise,\u201d said LenderLogix Co-Founder and CEO Patrick O\u2019Brien. \u201cAs 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.<\/p>\n

Borrower Conversion<\/em><\/strong><\/p>\n

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.<\/p>\n

\u201cWith the change in interest rates over the last quarter of 2023, borrowers are stepping off the sidelines,\u201d O\u2019Brien added. \u201cGiven the Federal Reserve\u2019s announcement of several interest rate cuts to come in 2024, we can expect this kind of borrower activity to continue to rise.\u201d<\/p>\n

Data from the Homebuyer Intelligence Report<\/em> is available to the industry free of charge. To learn more about LenderLogix, visit https:\/\/www.lenderlogix.com\/<\/a><\/p>\n

About LenderLogix:<\/strong><\/p>\n

LenderLogix\u00a0leverages 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\u2019s mortgage lenders. The company\u2019s suite of products addresses the speed at which today\u2019s 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\/<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

BUFFALO, N.Y., Feb. 1, 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 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.<\/p>\n","protected":false},"author":9529,"featured_media":88736,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[39,12804,19046,1,38,8,264],"tags":[205,10078,19269],"class_list":["post-103298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage-news","category-ap","category-buffalo-business","category-business-news","category-finance-news","category-new-york-news","category-research-reports-news","tag-depthpr","tag-digital-mortgage-point-of-sale","tag-homebuyer-intelligence-report","has-post-title","has-post-date","no-post-category","no-post-tag","no-post-comment","has-post-author"],"acf":[],"views":2087,"_links":{"self":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts\/103298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/users\/9529"}],"replies":[{"embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/comments?post=103298"}],"version-history":[{"count":0,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts\/103298\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/media\/88736"}],"wp:attachment":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/media?parent=103298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/categories?post=103298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/tags?post=103298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}