60% of Women See Benefit of Using the Internet to Research and Apply for Home Loans; Mom's Beat Out Oprah as Choice for "Ideal" Loan Officer.

Business Editors

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--May 10, 2000

A recent national women's opinion poll commissioned by Quicken Loans (www.quickenloans.com), a leading home loan Web site, reveals that 60% of women surveyed cite an advantage to using the Internet to research or apply for a home loan.

The key advantage that all women note is the ability to educate themselves at their own pace (24%). Among all women, 12% cite shorter waiting times, 11% mention not having to deal with a loan officer in person, and 10% reference better rates.

Younger women are more concerned about not understanding the loan process, with women under 35 more likely to cite education as an advantage to the Internet (32%) than are women 35-64 (27%) or those 65+ (7%).

"This new survey confirms the growing trend that a majority of women are taking a more active role in managing and understanding the loan process," said Sonny Spearman, Vice President of Marketing, Quicken Loans. "Applying for a loan online empowers the consumer to gather the information and make informed decisions in the comfort of their own home/office on their own schedule."

Best Deals & Credit Fears Cited as Top Concerns

This survey indicates that approximately three out of five women surveyed (62%) express some fear or concern about applying for a loan. The major concern, mentioned by 19% of the women, is not getting the best deal financially, followed by credit complications and the possibility of being rejected (16%). Approximately 10% of the women indicate that they are concerned because they don't know enough about the loan process. Age is a key factor in all of these concerns. Younger women are more likely than older women to express concerns regarding their credit history and not understanding the loan process. Women ages 18-24 are more concerned about credit complications (24%) than women ages 50+ (5%). Similarly, younger women, ages 18-24, are more concerned about not understanding the loan process (23%), than women 35+ (4%). According to the survey, women with higher incomes are more concerned about getting the best deal financially. Among those making $50,000 or more, 33% are concerned about this issue compared to 15% among women with lower incomes.

Referrals Are Key Motivators

Fifty-seven percent of all women say they could be motivated to apply for a loan online. The dominant motivator is a referral from a friend or relative (29%) followed by a guaranteed cost savings (22%). Twenty percent mention convenience with 17% citing a time savings. Advertising is mentioned by 12% followed by a free gift (8%).

Mom Narrowly Beats Out Oprah

When asked who would make the "ideal" loan officer from a list of candidates:

-- Eighty-six percent of women, who have Internet access at home, say they use
this access primarily to obtain news and information, followed closely by
travel planning and ticketing (49%). One in four (25%) use the Internet to
handle their finances including banking (14%), investing (13%) and paying bills
(10%). Use of the Internet for financial matters is higher in households making
$50,000 or more (38%) than in lower income households.

-- Among women with Internet access at home, 20% have used it to look for a
home or apartment. Using the Internet for this purpose is higher among women
18-24 (37%) and 25-34 (32%), followed by women 35-49 (22%). Use of the Internet
for house hunting is higher in the Northeast (25%) than in the other parts of
the country (18%). Single women are more likely to use the Internet to find a
house or apartment (39%) than are married women (16%).

More Women Hold Purse Strings 

The majority of women (63%) say they handle the family's personal finances. Among married women, 43% say they handle the family's personal finances alone, while 45% say it is a task shared with their husband. Only 7% of all women and 11% of married women indicate they are not involved at any level.

Married women in the Northeast are more likely to handle the family's finances alone (54%) than is true in the West (36%), South (43%) or North Central states (42%).

Women in households with incomes of $50,000 or more are less likely to be the sole decision-maker (52%) as compared to lower income households (65%).

Buying Homes as Long-Term Investment

According to the survey, 18% of women indicate that buying a home, condo or apartment would be a long-term investment. The same proportion says that family planning would prompt them to make a housing purchase. Only 10% say the tax advantages would prompt them to buy, although 17% cited other reasons.

Among younger women (18-34), family reasons are the major factor to buy (42%) with 29% mentioning long-term investment aspects. Eighteen percent of the 18-24 age group mention the tax breaks. Among women with children under six years old, 36% cite family planning as a major reason for buying a new home, condo or apartment.

Other key findings Include:

-- Eighty-six percent of women, who have Internet access at home, say they use
this access primarily to obtain news and information, followed closely by
travel planning and ticketing (49%). One in four (25%) use the Internet to
handle their finances including banking (14%), investing (13%) and paying bills
(10%). Use of the Internet for financial matters is higher in households making
$50,000 or more (38%) than in lower income households.

-- Among women with Internet access at home, 20% have used it to look for a
home or apartment. Using the Internet for this purpose is higher among women
18-24 (37%) and 25-34 (32%), followed by women 35-49 (22%). Use of the Internet
for house hunting is higher in the Northeast (25%) than in the other parts of
the country (18%). Single women are more likely to use the Internet to find a
house or apartment (39%) than are married women (16%).

The Women and Loans telephone survey was conducted by Bruskin Audits & Surveys, which polled a random sample of 548 women, ages 18+, from April 21-23, 2000. The overall margin of error is +/- 5 percentage at the 95 percent confidence level.

About Quicken Loans

Quicken Loans (previously known as Rock Financial Corporation, owner and operator of RockLoans.com), a leading provider of direct-to-consumer home loans on the Internet, offers mortgages in all 50 states and the District of Columbia. The company provides a wide variety of home financing options including conventional, sub-prime, home equity, government, and jumbo loans and originated nearly $3.5 billion in mortgage loans over the past 12 months.

Quicken Loans combines cutting-edge technology and high touch personal service to give consumers a convenient one-stop home and mortgage shopping experience on the Internet. More than 400 experienced loan professionals located in the Quicken Loans' state-of-the-art Web/Call Center work directly with consumers throughout the entire process, while the Web site educates and empowers consumers through timely interactive tools and information related to the home financing process. Intuit Inc. acquired Rock Financial (and RockLoans.com) in December 1999.

About Intuit

Intuit Inc. (NASDAQ: INTU) is the leader in e-finance, including financial software and Web-based services. Intuit develops and markets Quicken(R), the leading personal finance software; TurboTax(R), the best-selling tax preparation software; and QuickBooks(R), the most popular small business accounting software.

Intuit's Quicken.com (R) Web site (www.quicken.com) is a leading financial Web site, offering a comprehensive set of financial news, information and tools, including insurance, mortgage, investment and tax preparation services. Intuit's products and services enable individuals, small businesses and financial professionals to better manage their financial lives and businesses.

QuickenLoans.com is owed and operated by Intuit.

Intuit, the Intuit logo, Quicken, QuickBooks, QuickBooks Pro, TurboTax and ProSeries, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries. Quicken.com, QuickenInsurance, Quicken Loans and Lacerte, among others, are trademarks and/or service marks of Intuit Inc., or one of its subsidiaries, in the United States and other countries. Other parties' trademarks or service marks are the property of their respective owners and should be treated as such.