According to the J.D. Power 2022 U.S. Mortgage Origination Satisfaction Study,SM less than one in three customers say their lender delivered an optimal experience.
Why it matters:
• Providing a stellar customer experience is one of the best ways lenders and LOs can differentiate themselves from the rest of the pack – essential for success in the crowded mortgage banking marketplace.
• The study found that the most important attributes customers value in a mortgage lender are expertise, guidance and communication. Only 28% of lenders successfully met these criteria.
• Less than half (48%) of mortgage customers said they were kept fully informed throughout the loan process. The study identified six specific benchmarks LOs need to hit in order to be viewed as trusted advisors: provide advice on customers’ financial situations; explain the application process; answer application-related questions; meet expectations for what is required; explain the closing process; and provide information about servicing.
For additional details about the study results, read J.D. Power’s summary here.