According to the J.D. Power 2017 U.S. Primary Mortgage Origination Satisfaction Study, a total of 43% of mortgage customers indicate applying digitally in 2017, up from just 28% in 2016. However, satisfaction among customers applying online/via website has declined by 18 points year over year.
According to that same study, trust is overwhelmingly the difference. Overall satisfaction among mortgage customers with high levels of trust in their loan representatives is 358 points higher than among those with low levels of trust. The top three elements driving that perception of trust are:
>>Representatives always calling back when promised
>>Continuity in working with a single representative throughout the process
>>Representatives proactively providing status updates
Rocket Mortgage is America’s largest mortgage lender based on Rocket Mortgage data in comparison to public data records. Rocket Mortgage is a fast, powerful and completely online way to get a mortgage for refinancing or buying a home, which was developed by Quicken Loans.
Quicken is a household name. They had trust. They also had resources to be able to provide the transparency. This kind of loan volume doesn’t get closed because of just an amazing digital app. They had continuity and could afford to have a single representative working throughout the process. Someone was there to call back when promised. Etc. Etc. Etc.
To survive and to be able to enhance borrower customer satisfaction, brokers, loan officers, and lenders now require an intelligent loan manufacturing solution from a provider that truly understands mortgage banking and its constantly shifting mortgage process. The right digital mortgage platform helps you drastically reduce the chaos in your daily lending processes while improving communication to help you close more loans faster. This allows you to deliver an enhanced borrower experience giving you more time to do what you do best exceeding your borrowers expectations.
In 2017, Lodasoft realized that the “Digital” solution wasn’t just in providing a rocket-like experience and incorporated intelligent loan manufacturing as away to give the mid-size lender and broker the best shot at competing with the top-25. We’ve leveled the playing field for our clients by allowing for system-driven and automated transparency and accountability that lenders of any size can afford to ensure that someone is there to call back when promised.
Lodasoft’s digital mortgage platform drastically reduces lending costs, chaos and cycle times to help you build a significantly more efficient mortgage business while providing a truly memorable borrower experience.