Regional banks lead mortgage application conversion, Blend Labs analysis finds
BLND•Blend Labs’ analysis of 12 months of mortgage originations found regional banks led application conversion, while national banks had the fastest median completion times. Completed mobile applications averaged about 20 minutes, versus 27 minutes on desktop.
1. Conversion and completion
Blend Labs’ analysis found regional banks led mortgage application conversion, while national banks had the fastest median completion times. Independent mortgage banks led neither measure, and credit unions lagged both.
2. Device use and lender outreach
Mobile generated more application starts, but desktop led completions; switching devices substantially increased completion times. One lender achieved roughly 90% conversion by having loan officers call borrowers early to address confusion before applications were abandoned.
