Mortgage and lending technological provider Mortgagebot exceeded its prediction of online mortgage applications for the year, according to the company.
In October, Senior Vice President of Sales and Marketing Matt Cotter forecasts application submissions would finish close to a million for the year.
The company took in more than 1 million applications in 2012, up roughly 50% from 2011 when applications totaled 660,000.
"We are finding that there is a solidified commitment to ‘smart’ online technology deployment among lenders as they see a strong link between the online channel and their continued viability and profitability," Cotter said.
He added, "In fact, Mortgagebot’s client numbers reached an all-time high in 2012 and our review also found that many lenders’ online volumes far eclipsed their traditional avenues of application, such as in-branch or over-the phone intake."
A review of more than 1,000 mortgage lending institutions using ‘smart’ online lending technology noted that online mortgages assisted in the enhancement of banks and credit unions revenue growth, Mortgagebot said.
For instance, CapWest Mortgage used the Mortgagebot platform and saw its loan volume increase from $1 billion to $1.4 billion between 2011 and 2012, respectively.