LINCOLN, MASS.- Gomez Advisors on Monday released its latest rankings of online mortgage firms, which it said are helping to streamline the mortgage process.
"The leaders in the space are really making the process easier, faster, and better than the traditional offline process," said Nick Karris, a senior analyst at Gomez.
He noted that six months ago only six of the 26 companies that Gomez tracks offered nationwide coverage and 24-hour loan status tracking; all 26 do today.
Morgagebot.com retained the top position and E-Loan the No. 2 ranking, but several others made big jumps. Infoloan.com moved up eight spots, to fourth place; LoanWorks.com leaped 12 spots, to No. 7; and Mortgage.com advanced eight spots, to No. 9.
Mr. Karris said Web competition and innovation have generated better deals for consumers, including guaranteed rates and closing costs. Moreover, "smart technology," is saving applicants time by customizing an application as the online consumer enters information. For example, if a consumer is the sole applicant, the site will skip questions about a co-borrower.
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