Has Online Mortgage Potential Peaked?

From a technology standpoint, the questions of particular interest from the Fannie Mae survey (see item above) were the percentage of borrowers with Internet access and the willingness of borrowers to purchase a mortgage in cyberspace.The results were surprising. Many more Americans have computers today than had them in 1996, but there has been a decrease in the percentage of people that say they would apply for a mortgage online. In 1996, 36% of adults said they had Internet access, either at home or at work. That number has jumped to 52%. Yet while 20% of adults two years ago said they would "probably or definitely try" originating a mortgage online, only 15% say they would do so today, according to Fannie Mae. Interestingly, there is virtually no difference in the percentage of Baby Boomers and Generation Xers who would try to originate a mortgage online.