customer experience – Page 2

Has One-Stop Shopping Arrived in Mortgage Banking?

In a recent investor presentation by Better.com, the digital-first homeownership company deemed the mortgage industry “broken” as “consumers deal with repetitive data requests, high fees and lack of certainty.” If customer satisfaction surveys regarding the home loan process are any indication, Better.com’s assessment is accurate. Better.com’s technology-driven platform offers a glimpse of mortgage lending’s future. […]

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Are You Hiring Radical Change Agents?

Jamie Dimon, Chairman and CEO of JPMorgan Chase Bank and respected banking industry guru recently said in an interview that bankers lack imagination when it comes to envisioning what their customers need. He noted that Fintech companies in particular, “are making great strides in building both digital and physical banking products and services. From loans

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An Originator’s Key to Success According to Jeff Bezos

Last week, Jeff Bezos released his final shareholder letter as CEO of Amazon. His yearly shareholder letters are always worth reading because Bezos often provides important business insights that are meaningful for other companies and their employees. In the most recent letter, he reflected, “If you want to be successful in business (in life, actually),

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Lenders’ Biggest Dilemma: Invest in Training or Be Replaced

In the last few weeks, nearly every conversation I’ve had with senior mortgage executives has centered on one of two issues: finding sales and processor talent; and delivering an excellent customer experience throughout the loan process. To be sure, getting the human capital side of the mortgage business right when volume is through the

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The Hardest Career Decision a Loan Officer Will Ever Make

Once LOs reach a certain level of success, they will inevitably face the decision of whether to form a team or operate as an individual contributor in their lender’s organization. What success looks like for each originator is different. For some, it is generating over $20 million in annual loan volume. For others, it

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Mortgage Origination and the Digital Revolution

Last week, Warner Bros. announced that all of its 2021 movie releases —17 in all – will be available on HBO Max (a streaming service) on the same day they debut in movie theatres. This is a major break from previous practices that had given movie theatres a competitive advantage by delaying a film’s

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How Customer-Centric is Your Sales Organization?

Many mortgage managers consider their companies to be originator-centric. These senior executives believe that sales employees drive success and they feel that their lender’s originator support is a competitive advantage. I certainly understand this viewpoint, especially in such a difficult recruiting environment. However, I would argue that focusing entirely on the originator experience can lead

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The Real Reason Why Originators Lose Customers

In the current marketplace, with borrowers still coming to originators in droves because of low interest rates, losing referral sources or former customers doesn’t seem like a big deal. There is always someone else to replace them in a hot market. But if the MBA 2021 forecast is correct, lenders and originators will experience

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What Mortgage Bankers Can Learn from Netflix

As we approach the end of the year, it is a good time to reflect on strategic challenges facing mortgage sales groups. While the housing finance industry has had a terrific year in terms of volume, it is clear that the consumer’s home loan buying journey has forever changed. In my view, if lenders

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Why a Convenient Loan Process Matters More Than Ever

On September 2, 2020, Quicken Loans announced its first earning results as a publicly traded company. While the lending giant’s performance was terrific, there were a few things that I think were especially noteworthy: their gain on sale was a whopping 519 bps; and they are serious about obtaining 25% market share. It was no

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