As an active member of the Mortgage Bankers Association and supporter of its programs, STRATMOR Group, a consulting firm that helps mortgage banks build profitable mortgage lending operations, has released new functionality for its MortgageSAT borrower satisfaction survey offering that now allows lenders to survey hispanic borrowers. This enhanced offering supports the MBA’s Diversity initiatives and prepares lenders for the marketplace of the future.
“We agree with the MBA’s assessment regarding the importance of diversity in the makeup of customer service teams and management as the U.S. mortgage market continues to change over the next decade,” said Garth Graham, STRATMOR Group Senior Partner. “But we won’t know how well these efforts are working if we don’t enable our technologies to talk to these borrowers in their own language. Now, MortgageSAT has the ability to survey hispanic borrowers in their preferred language.”
STRATMOR’s analysis of over 50,000 MortgageSAT borrower surveys this year has revealed that the actions lenders take at every stage of the transaction have a direct impact on borrower satisfaction with the mortgage process. Even more importantly, the offering allows lenders to know when borrowers are dissatisfied, giving them the opportunity to address borrower concerns before the consumer decides to take the issue to a regulator.
In virtually all industries, research overwhelmingly shows a strong correlation between increased customer satisfaction and increased revenues and profits. STRATMOR Group’s MortgageSAT is the mortgage industry’s only Borrower Satisfaction measurement tool that offers lenders direct borrower feedback 24/7 and enables them to pinpoint sources of dissatisfaction and take corrective action. MortgageSAT is also the only tool on the market that allows lenders to benchmark their origination satisfaction scores against other participating lenders via a real-time Web portal; and to analyze satisfaction as it may vary across borrower, loan and origination process attributes and by region, branch, loan officer and back office personnel.