LenderLogix, a provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks, and brokers, has released its first-quarter Homebuyer Intelligence Report, a 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.
The report shows that borrowers generated 53,583 pre-approval letters through LenderLogix’s QuickQual pre-approval platform in the first quarter, an increase of 53% from the fourth quarter.
The average number of pre-approved borrowers per loan officer increased quarter-over-quarter from 20.4 to 25.
The average pre-approval letter loan amount increased 5% in the first quarter compared with the fourth quarter – from $294,229 to $309,771.
The average sales price increased 3.7% to $358,175 – up from $345,351 in the fourth quarter.
The average down payment size decreased 8% to 13.6% – down from 14.8% in the fourth quarter.
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 the fourth quarter, while the acre of VA (4%) and USDA (1%) loans remained flat.
“Given the jump in QuickQual generated approval letters and the 650 percent increase in dollar per fee collected through Fee Chaser, all signs point to a promising spring homebuying season,” says Patrick O’Brien, co-founder and CEO of said LenderLogix, in a statement.“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.”
Photo: Dane Deaner