Accurate disclosure of fees topped access to rates without having to disclose personal information in what American consumers most want in a mortgage shopping website, according to a Harris Interactive survey commissioned by MortgageMarvel.com.
Those who took the survey were asked the following question—“If you were to use an online mortgage shopping website (e.g., Mortgage Marvel, BankRate, LendingTree), which of the following, if any, would be most important to you?”
They were provided five choices and responded as follows: full, accurate disclosure of fees, 25%; access to rates without having to provide my personal information, 20%; ability to easily compare rates and fees to other companies, 16%; protection from unsolicited loan offers, 10%; accurate, real-time rate quotes, 7%.
Another 3% gave answers other than those above, while 19% said "nothing."
When broken out by age group, accurate disclosure of fees mattered most to younger borrowers 26% in the 18-to-34 age group (versus 14% citing access to rates) and 27% in the 35-to-44 age group (versus 20%). However, for those between 45 and 54, access to rates topped accurate fee disclosure 27% to 23%. In the 55 and up bucket, the two were almost even, with accurate disclosure holding a one percentage point advantage.
By gender, men preferred accurate disclosure by a 27% to 23% margin, while women split 23% to 23% between accurate disclosure and access to rates.
Mortgage Marvel said the interest in accurate fee disclosure is likely a consequence of the U.S. Supreme Court decision in Freeman v. Quicken Loans. It emphasizes the fact that consumers are learning the importance of clear, full disclosure of all fees and closing costs.
“It’s revealing that across the age spectrum, so many online users cite full disclosure of fees and privacy as their top priorities,” said Rick Allen, chief operating officer of Mortgage Marvel.
