STRATMOR Group, a consulting firm that helps mortgage banks build profitable mortgage lending operations, announced today that it has been chosen as the exclusive mortgage industry partner by CFI Group, a customer satisfaction measurement and analytics firm. Together, the two firms have developed the Mortgage Customer Satisfaction Index (MCSI), an adaptation of the American Customer Satisfaction Index (ACSI), founded at the University of Michigan’s Ross School of Business. MCSI is the first uniform measure of borrower experience in use in the mortgage industry.
“The experts at CFI Group have an excellent grasp of the true drivers of customer satisfaction across a range of industries,” said Garth Graham, Managing Director for STRATMOR Group. “Our deep domain expertise in the mortgage industry made us the perfect partner to help them adapt their work for the home finance industry. We’re very proud to be CFI’s exclusive partner in this industry.”
Earlier this year, CFI earned a U.S. patent for adding new analytic capabilities to the statistical modeling engine used by the ACSI, enhancing the mathematics to reflect the latest in statistical techniques. The original ACSI modeling engine was developed at CFI Group in cooperation with the University of Michigan.
“Benchmarking performance and gathering customer feedback through reliable analytics is crucial to the success of any company,” said Sheri Petras, CEO of CFI Group. “STRATMOR Group was the right choice to help us adapt our index for this industry. With the release of the firm’s MortgageSAT tool, we’re seeing the industry begin to benefit from our joint work.”
STRATMOR Group launched its MortgageSAT service in 2013 and hired industry veteran Tim Ryan to manage the offering, which was quickly adopted by a core group of leading mortgage lenders. According to Graham, lenders that are live and active on the program are responding to borrowers immediately whenever satisfaction ratings fall below a trigger benchmark at any client touch point in the mortgage lending process. STRATMOR recently released a white paper regarding the value of this proactive approach to borrower satisfaction.