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New Study Reveals That Consumers Who Use Online Search Products And Tools Are More Likely To Apply For Mortgages

Compete And Forrester Research Findings Detail The Key Role Search Plays In Path To Purchase

Cambridge, Mass., June 13, 2006 . . . A new study from Compete and Forrester Research (Nasdaq: FORR) reveals that consumers who applied online for home loans were more likely to have used search and product selector tools than prospects who didn't apply. Nearly one in five applicants used search, compared with only 7 percent of prospects. Compete and Forrester Research partnered on the study, titled "Online Mortgage Shoppers' Paths To Purchase: Navigational And Survey Data Uncovers How Prospects Use Sites," which assesses how consumers use the Web to search, research, and apply for mortgage loans.
"We found that in an average month, 9.4 million consumers are shopping across the studied sites," said Mike Bailey, managing director of Compete's financial services practice. "Consumers see the Internet as a key channel for research and education. There are more than 1 million consumers who research online and apply online or offline, and they represent $450 million in business opportunity each month. In order to take advantage of this trend, mortgage sites must seek ways to make it easier to apply online."

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"The iPhone launch is likely to be one of the biggest product launches in history, and the activity we're seeing online clearly reflects widespread consumer interest, " said James Lamberti, senior vice president of search solutions at comScore. "This study also helps underscore the significant role search plays in both online and offline retail, mortar retailers to purchase their new iPhones."

Internet Business Opportunity Compete extends online market research to transform the way consumers and brands communicate. By combining permission marketing, predictive analytics, and the industry's largest consumer behavior database, Compete helps marketers identify and reach their target consumers. Compete delivers conversant marketing solutions that increase profitability and customer loyalty, and result in measurable and effective marketing programs. Compete delivers these solutions to leading brands like Carlson Hotels Worldwide, DaimlerChrysler, Hyundai Motor America, Teva Neuroscience, Toyota Financial Services, and Upromise, among others. Compete is headquartered in Boston, Mass., with offices throughout the US. For more information, please visit www.compete.com.

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Free Money Additional key findings from the study include the following:

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Work At Home Business * Aggregators blow away traditional lenders when it comes to attracting prospects to their site. Aggregators receive 72 percent of all prospect visits, with at least 6 million monthly visitors. In contrast, traditional lenders receive 19 percent of visits, and online lenders account for the remaining 9 percent of prospects.
* Consumers said that the most important element when choosing a lender is information on rates and fees. More than three-fourths of researchers went online for rate information at least twice as many as for any other piece of information.
* Many applicants go offline to apply via the phone or in person; however, 37 percent of applicants apply online or submit a lead form via the Internet. Aggregators receive 75 percent of the applications submitted online each month.
* As the largest segment, Boomers comprise more than 40 percent of prospects and applicants. Although Seniors make up 16 percent of all prospects, they comprise only 10 percent of applicants.

A study by the Kelsey Group has revealed that local businesses are not harnessing the power of the internet. According to the report, based searches. That means many are missing out on a key advertising market and the study suggests they need to be given rmation on the effectiveness of online marketing, particularly in the value of search engines specialising in local based services (lbs).

Free Online Affiliate Program "Lenders looking to attract and convert more lending prospects should evaluate how they use search, offer easy access to rates and fees, and provide selection tools for choosing the right mortgage," said Brad Strothkamp, senior analyst at Forrester Research.

personal loans search With personal loan products from some 50 loan providers and the ability to apply online, getting the right personal loan has never been easier.

Auction Coin Money Paper This study observed navigational behavior from Compete's panel of more than 2 million consumers as well as insights and attitudes from 283 consumers who recently conducted research online and then applied for a home mortgage.

Franchise Business Opportunity Compete presented the full findings at a Web seminar providing best practices in driving online mortgage applications. For a replay of the event, go to www.vcall.com/replay and enter replay number 1448134905.

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Blogging Money Thebillivard Compete extends online market research to transform the way consumers and brands communicate. By combining permission marketing, predictive analytics, and the industry's largest consumer behavior database, Compete helps marketers identify and reach their target consumers. Compete delivers conversant marketing solutions that increase profitability and customer loyalty, and result in measurable and effective marketing programs. Compete delivers these solutions to leading brands like Carlson Hotels Worldwide, DaimlerChrysler, Hyundai Motor America, Teva Neuroscience, Toyota Financial Services, and Upromise, among others. Compete is headquartered in Boston, Mass., with offices throughout the US. For more information, please visit www.compete.com.

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Affiliate Marketing Program Forrester Research (Nasdaq: FORR) is an independent technology and market research company that provides pragmatic and forward-thinking advice about technology's impact on business and consumers. For 22 years, Forrester has been a thought leader and trusted advisor, helping global clients lead in their markets through its research, consulting, events, and peer-to-peer executive programs. For more information, visit www.forrester.com

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