Wave builds for Loansurf

Tuesday 23 March 2004

While some may have written off any role for the internet in selling home loans, one website is quietly beginning to gain traction.

By The Landlord

Loansurf, which was launched just after the high-tech bubble began bursting in 2001, has now passed the $110,000 million milestone of mortgage applications. Of those, less than 30% are actually drawn down.

"When people ring up (a mortgage broker), there’s a direct bond being formed straight away. On-line, there isn’t," Loansurf founder and executive director Dave Fermah explains.

When the website was first launched, the fledgling service was overwhelmed by applications but the settlement rate was very poor. After six months, Fermah took stock and used the experience to start re-building the system, streamlining and modifying the processes and focusing on ways to build more of a relationship with those who visit the site, he says.

He also worked on improving the service and feedback to customers as well as systems to weed out applications bound to fail.

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