Interested in a Mortgage? Let’s Chat!

While online chat rooms may carry the stigma of catering to the lonely or despondent, a new variation is opening up the real estate world.

According to mortgage industry analysts, online mortgage chats are the latest venture among banks and mortgage broker firms to keep up with online consumers.

Chat interfaces on bank and mortgage company websites allow consumers the ability to access live home loan consultants almost anytime they wish. It seems to be more convenient than filling out online mortgage application - and it seems to be working.

The use of mortgage chats: Although industry-wide results are not available at this time, many mortgage company reps and banks have already reported efficient results with their mortgage chat programs.

E*TRADE Mortgage has reported higher customer satisfaction scores and an increase in new mortgage loan sales from higher application rates by consumers who chatted with a mortgage representative.

According to RIS Media and The Washington Times, live chat helped increase Bank of America’s online mortgage sales by 800% in the first quarter of this year, compared with one year earlier. The bank’s online mortgage chat now operates with more than 100 employees.

Citigroup has also implemented chat and reports that a customer is four times more likely to start a home equity loan application with the use of live chat. The company has also noticed better customer satisfaction rates among those customers who used their mortgage chat service.

In 2002, Wells Fargo & Co. was one of the first to offer live mortgage chat to consumers. Today, Wells Fargo’s customer service agents are fully trained for online chat help. Other companies, like Quicken Loans and Countrywide offer chat on their company sites.