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Investments that mortgage lenders have made in technology and training to streamline the application process seem to be paying off in higher borrower satisfaction scores, but there’s room for improvement when it comes to document collection and closings.
That’s the big takeaway from surveys of more than 7,000 borrowers by mortgage industry advisory firm STRATMOR Group and tech provider Snapdocs.
The surveys of borrowers who have taken out mortgages in the last nine months found that while only one in five borrowers encountered an issue, the preclosing and closing process accounted for 70 percent of overall borrower satisfaction.
While rising mortgage rates have forced many lenders to downsize this year, others have been using technology and local ties to grow their national footprints. Atlanta-based direct mortgage lender Silverton Mortgage, a Snapdocs client, has added new branches in the Carolinas, Arkansas and Missouri over the past year.
Garth Graham
“Lenders need to find new ways to compete for business in this market,” said STRATMOR Group’s Garth Graham in a statement. “While one proven strategy is to create a best-in-class borrower experience, there’s no consensus on what ‘best-in-class’ means, much less how to measure it. This research provides a granular view into the key ‘moments that matter’ so that lenders can begin to build their CX strategies around empirical data.”
“Over the past decade, lenders have worked to minimize issues with the application process, and the study findings confirm this,” researchers said in a report published Tuesday documenting their findings.
Source: “The State of Borrower…