Mortgage Application Approval Rate

Benchmarking Report

Mortgage Application Approval Rate

This PDF report includes benchmarking data (in a visual, chart-based format), an comprehensive KPI definition, characteristics of high performers and technical details on measuring Mortgage Application Approval Rate. Purchase and download this easy-to-understand, presentation-ready report immediately to compare performance levels, set attainable performance targets, and push towards best-in-class performance for this KPI.

What is Mortgage Application Approval Rate?

The number of submitted mortgage loan applications that are approved by the lender divided by the total number of mortgage loan applications received over the same period of time, as a percentage.

Why should Mortgage Application Approval Rate be measured?

Mortgage Application Approval Rate measures the number of submitted mortgage loan applications that are approved by the lender in relation to the total number of mortgage loan applications received over the same period of time. A relatively low value for this metric is typically related to a few common factors, including an increase in submitted applications by potentially risky borrowers (e.g., borrowers with bad credit scores, etc.), general inefficiencies within application review and approval processes (e.g., poor written/oral instructions concerning what is needed to fill in the mortgage application, increased contacts due to missing or incorrect information or documentation, untimely contacts concerning missing or incorrect information, etc.), or inconsistent training/use of job aids during processing. Each of these factors can increase employee rework (due to errors or incomplete application information) and application decision cycle times, both of which have a direct impact on borrower frustration levels and attrition rates.

Download a Sample Mortgage Application Approval Rate

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A: Enough to produce a useful benchmark. And rest assured that it’s all current, validated, and useful. We only include data that’s been collected in the last five years. And while sample sizes vary by KPI, the average is 25, and the high end can surpass 1,000.

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