{"id":119748,"date":"2024-07-16T07:00:53","date_gmt":"2024-07-16T11:00:53","guid":{"rendered":"https:\/\/www.send2press.com\/wire\/?p=119748"},"modified":"2024-07-15T16:15:06","modified_gmt":"2024-07-15T20:15:06","slug":"lenderlogix-q2-2024-homebuyer-intelligence-report-data-shows-home-buying-activity-and-fees-collected-by-fee-chaser-remain-steady-thus-far-in-2024","status":"publish","type":"post","link":"https:\/\/www.send2press.com\/wire\/lenderlogix-q2-2024-homebuyer-intelligence-report-data-shows-home-buying-activity-and-fees-collected-by-fee-chaser-remain-steady-thus-far-in-2024\/","title":{"rendered":"LenderLogix Q2 2024 Homebuyer Intelligence Report Data Shows Home Buying Activity and Fees Collected by Fee Chaser Remain Steady Thus Far in 2024"},"content":{"rendered":"

BUFFALO, N.Y., July 16, 2024 (SEND2PRESS NEWSWIRE) \u2014 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 second quarter (Q2) of 2024.<\/p>\n

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

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

In Q2 2024, borrowers generated 58,057 pre-approval letters through LenderLogix\u2019s QuickQual<\/a> 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.<\/p>\n

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%.<\/p>\n

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.<\/p>\n

\u201cOverall borrower activity has stayed consistent in 2024,\u201d said LenderLogix Co-Founder and CEO Patrick O\u2019Brien. \u201cGiven these steady numbers, loan officers leveraging our products have been able to maintain steady business and origination levels. With QuickQual\u2019s conversation rate at 58% and the average per fee collection size at $646, loan officers are continuing to focus on what\u2019s working for them in the current market.\u201d<\/p>\n

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

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.<\/p>\n

\u201cWhile the Federal Reserve\u2019s decision to hold on rate cuts until possibly later in the year may have dampened lenders\u2019 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,\u201d O\u2019Brien noted. \u201cThe lesson we\u2019ve 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.\u201d<\/p>\n

Data from LenderLogix Homebuyer Intelligence Report<\/em> is available to the industry free of charge. To learn more about LenderLogix, visit 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., July 16, 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 second quarter (Q2) of 2024.<\/p>\n","protected":false},"author":9529,"featured_media":103304,"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":[205,20073,19269],"class_list":["post-119748","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-fee-chaser","tag-homebuyer-intelligence-report","has-post-title","has-post-date","no-post-category","no-post-tag","no-post-comment","has-post-author"],"acf":[],"views":2963,"_links":{"self":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts\/119748","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=119748"}],"version-history":[{"count":0,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts\/119748\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/media\/103304"}],"wp:attachment":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/media?parent=119748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/categories?post=119748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/tags?post=119748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}