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Happy Borrowers: Achieving Financial Success With Customer Satisfaction

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Your borrowers matter. And in a changing market, they matter more than ever. In 2017, we’ve seen the shift from record-breaking volumes to slower growth. Now, stealing share, and therefore winning the hearts and minds of borrowers, is the key to success. Increasingly price and product flexibility matters less to borrowers than customer experience. Rates and closing costs are no longer the central drivers of satisfaction in the loan process.

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But just how valuable is “borrower satisfaction?” Most mortgage executives we speak with see the big picture benefits of being borrower-centric: happy customers lead to more referrals and a better reputation, lowering costs of service and engaging employees in the workplace. But when you dig below the surface, you realize that few truly can quantify the economic return of a better borrower experience.

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In this overview, Maxwell Financial Labs has pulled together research that highlights the central drivers of borrower satisfaction. And more importantly, Maxwell highlight change tactics and a structured methodology to quantify the business case for creating happy borrowers.

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To Download The Full Free Industry Paper PDF Click Here

The Balancing Act

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A generation or two ago just about everyone owned a Craftsman tool purchased exclusively at retail behemoth, Sears, Roebuck and Company. The tools were rock solid and “guaranteed forever.” And if your first day of school was sometime in the 1970s, odds are you hit the playground during recess wearing some, at the time, very fashionable Toughskins. The pants were a conscious effort on the part of Sears to develop a garment that a kid couldn’t wreck. The pants were so “tough” that they were sold with a guarantee that kids would grow out of their Toughskins before the pants wore out. Tools “guaranteed forever” and clothes your kids outgrow before they wear out seem like a recipe for retail success. With that kind of value and commitment to customer satisfaction, why would consumers ever shop anywhere else?

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Recently, Sears, that anchor store for just about every American Mall built in the last few decades, sold the Craftsman brand in a desperate attempt to survive declining sales. Amazon is likely finishing them off after Walmart and Home Depot beat them up pretty good. It is also pretty damn near impossible to find a pair of Toughskins on any playground, but if you look you can find them in remarkably good condition on eBay.

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So what happened to Sears and what does it have to do with anything relating to mortgages?

If you think about it, Sears was the Amazon of the 20th century. In the 1890s, Richard Sears and Alvah Roebuck founded Sears, Roebuck and Company, publishing the first of its soon-to-be-famous catalogs. The company grew phenomenally by selling a range of merchandise at low prices to rural communities that had no other convenient access to retail outlets. Sound like Amazon in this century?

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But in the mid-1920s, new technology made Sears change course. Cars were making retail outlets in urban areas more accessible to consumers in the suburbs and rural communities. Sears tried to exploit this opportunity that technology was presenting, opening the first Sears retail store in Chicago in 1925. It was far more fun to drive to the store and get almost immediate satisfaction, than to flip through the hundreds of pages of a catalog, fill out a form, send a payment by mail and wait for the postman to deliver your goods what could be two or three weeks later. Sear’s retail store sales topped mail-order sales by the early 1930s. Over the next few decades the number of stores increased rapidly and Sears became America’s retailer.

Any kid that had a pair of Toughskins likely watched Dad scour the pages of the Sears catalog for that Craftsman tool before jumping in the station wagon and heading to the store. They, like their parents, their parent’s parents and maybe a generation before them didn’t realize they were living in a nexus, just waiting for technology to bring it all together. The paper catalog at the time was the best way to identify what was available at the Sears store. It weighed about seven pounds even with its micro-print, but its color images and the 800 phone number were the best technology had to offer. Sure, you could still mail order, but jumping in the car and driving to the local Sears store was the quickest means to an end. It met the consumers’ wants, needs and desires even if occasionally you did need to order and pick up in store a few days later.

But then, in this century, technology flipped things around and put it all together, changed some things and left other things pretty much the same. The Internet, electronic payment systems and second day free shipping made it more fun and convenient to shop online than to jump in the car. Catalog shopping was resurrected. With a swipe across a smart phone screen or the click of a mouse, all the material world has to offer is at your fingertips. It is so much easier to search and browse thousands of online catalog pages. Amazon exploited that technology and without the overhead of a brick and mortar retail store brought every convenience technology had to offer and lower prices to the market.

Lenders who have made a name offering value with a commitment to customer satisfaction are going to find consumers tempted by technology. Finding that balance, that Sears didn’t, will be critical to success. The obvious value an experienced loan originator brings to the transaction may not be enough to overcome conveniences technology has to offer.

About The Author

Kristopher Barros

Kristopher Barros is the Regulatory Audit Manager for Embrace Home Loans, a direct lender for Fannie Mae and Freddie Mac, approved by FHA and VA, and an issuer for Ginnie Mae.

A Lesson From Sears: Balancing Customer Satisfaction And Technology

A generation or two ago just about everyone owned a Craftsman tool purchased exclusively at retail behemoth, Sears, Roebuck and Company. The tools were rock solid and “guaranteed forever.” And if your first day of school was sometime in the 1970s, odds are you hit the playground during recess wearing some, at the time, very fashionable Toughskins. The pants were a conscious effort on the part of Sears to develop a garment that a kid couldn’t wreck. The pants were so “tough” that they were sold with a guarantee that kids would grow out of their Toughskins before the pants wore out. Tools “guaranteed forever” and clothes your kids outgrow before they wear out seem like a recipe for retail success. With that kind of value and commitment to customer satisfaction, why would consumers ever shop anywhere else?

Featured Sponsors:

 

 
Recently, Sears, that anchor store for just about every American Mall built in the last few decades, sold the Craftsman brand in a desperate attempt to survive declining sales. Amazon is likely finishing them off after Walmart and Home Depot beat them up pretty good. It is also pretty damn near impossible to find a pair of Toughskins on any playground, but if you look you can find them in remarkably good condition on eBay.

Featured Sponsors:

 
So what happened to Sears and what does it have to do with anything relating to mortgages?

If you think about it, Sears was the Amazon of the 20th century. In the 1890s, Richard Sears and Alvah Roebuck founded Sears, Roebuck and Company, publishing the first of its soon-to-be-famous catalogs. The company grew phenomenally by selling a range of merchandise at low prices to rural communities that had no other convenient access to retail outlets. Sound like Amazon in this century?

Featured Sponsors:

 
But in the mid-1920s, new technology made Sears change course. Cars were making retail outlets in urban areas more accessible to consumers in the suburbs and rural communities. Sears tried to exploit this opportunity that technology was presenting, opening the first Sears retail store in Chicago in 1925. It was far more fun to drive to the store and get almost immediate satisfaction, than to flip through the hundreds of pages of a catalog, fill out a form, send a payment by mail and wait for the postman to deliver your goods what could be two or three weeks later. Sear’s retail store sales topped mail-order sales by the early 1930s. Over the next few decades the number of stores increased rapidly and Sears became America’s retailer.

Any kid that had a pair of Toughskins likely watched Dad scour the pages of the Sears catalog for that Craftsman tool before jumping in the station wagon and heading to the store. They, like their parents, their parent’s parents and maybe a generation before them didn’t realize they were living in a nexus, just waiting for technology to bring it all together. The paper catalog at the time was the best way to identify what was available at the Sears store. It weighed about seven pounds even with its micro-print, but its color images and the 800 phone number were the best technology had to offer. Sure, you could still mail order, but jumping in the car and driving to the local Sears store was the quickest means to an end. It met the consumers’ wants, needs and desires even if occasionally you did need to order and pick up in store a few days later.

But then, in this century, technology flipped things around and put it all together, changed some things and left other things pretty much the same. The Internet, electronic payment systems and second day free shipping made it more fun and convenient to shop online than to jump in the car. Catalog shopping was resurrected. With a swipe across a smart phone screen or the click of a mouse, all the material world has to offer is at your fingertips. It is so much easier to search and browse thousands of online catalog pages. Amazon exploited that technology and without the overhead of a brick and mortar retail store brought every convenience technology had to offer and lower prices to the market.

Lenders who have made a name offering value with a commitment to customer satisfaction are going to find consumers tempted by technology. Finding that balance, that Sears didn’t, will be critical to success. The obvious value an experienced loan originator brings to the transaction may not be enough to overcome conveniences technology has to offer.

About The Author

Kristopher Barros

Kristopher Barros is the Regulatory Audit Manager for Embrace Home Loans, a direct lender for Fannie Mae and Freddie Mac, approved by FHA and VA, and an issuer for Ginnie Mae.

Study: 92% Of Lenders Are Not Surveying Customer Satisfaction

STRATMOR Group, a leading mortgage industry consultancy, released its latest STRATMOR Insights report. This month, STRATMOR shares highlights from a recent STRATMOR Spotlight Survey addressing lender practices and plans regarding the measurement of borrower satisfaction. As Senior Partner Dr. Matt Lind explains, improving borrower satisfaction starts with measuring it, but it seems that many lenders may not be placing enough emphasis on the areas where the most improvement might be gained.

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“In virtually all industries, research shows a strong correlation between increased customer satisfaction and increased revenues and profits,” said Lind. “The mortgage industry is certainly no exception, and our Spotlight Survey results show that an overwhelming majority – 90 percent – of lenders understand the importance of measuring borrower satisfaction after closing, and are doing exactly that. We believe, however, that many focus on post-closing satisfaction because of the ‘halo’ effect associated with getting a mortgage which happens to result in relatively high satisfaction scores that can be leveraged for both referrals and favorable comments on social media

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“On the other hand,” Lind continued, “the low percentage of lenders who survey borrowers after pay-off – eight percent – strikes us as extremely shortsighted, especially regarding to payoffs in which the borrower subsequently chose another lender. Whether the business was lost because of a bad origination experience, a poor customer service experience during servicing, or something else over which the lender or its parent had control, the lender needs to know why. It’s the only way that any existent problems are going to be addressed, satisfaction improved and borrower retention increased.”

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Turning again to data from STRATMOR’s MortgageSAT Borrower Satisfaction Program, this month’s report also examines the post-closing satisfaction divide between loans originated via Retail and Consumer Direct (CD) channels. CD has long been the fastest growing mortgage origination channel, with its share of origination units growing from 28.3 percent in 2008 to 40.4 percent in 2015, after peaking at 46.3 percent in 2012. A better borrower experience is not the reason for growth, however. Based on 2016 year-to-date MortgageSAT data, average borrower satisfaction for the CD channel is 78 (out of 100) versus 90 for Retail. According to borrower survey results, it appears that CD borrowers are typically experience more problems during origination than Retail borrowers and, relatively speaking, are more dissatisfied by or less forgiving of such problems.

How Can Lenders Craft A Better Mortgage Process?

First-time home buyers make up a major share of the real estate market and present valuable new customer opportunities for lenders. Buying a home is a major milestone in a consumer’s life, but the financial process can be daunting for anyone tackling the loan origination process for the first time. With a real estate market that’s on the upswing, lenders must learn how to create a positive lending experience for borrowers.

Although in recent years some lenders have focused on improving the borrower experience to remain competitive in the industry, there are still crucial steps to take to make the borrower experience even better. In an effort to assist lenders in understanding how to improve the borrower experience, Docutech has published a new white paper, “A New Home, a New Life: Improving the Borrower Experience,” to provide insight into what impacts the borrower experience, as well as specific steps financial institutions can take to deliver an excellent borrower experience.

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“Purchasing a home should be an exciting milestone, not an obstacle course of regulator rules, forms, applications and financial statements,” said Harry Gardner, executive vice president of eStrategies for Docutech. “Applying for a loan for the first time plays a crucial role in shaping a borrower’s perceptions, and lenders must understand how to provide a quality user experience. When they deliver a great experience for borrowers, they not only increase their own profitability but also maintain customers for life.”

Additional key areas highlighted within the white paper include:

>> Categories that impact the borrower experience, including speed, security and level of confusion with the loan origination process;

>> Increasing customer satisfaction and reducing costs through paperless lending and electronic document execution; and

>> Integrating mortgage loan documents with loan operating systems to increase efficiency and create a data-driven workflow.

To download a complimentary copy of Docutech’s latest white paper related to improving the borrower experience, please visit http://hubs.ly/H03mb3q0.

About The Author

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

The Profitability Crisis

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Brian-GreenbergThere’s been much researched and reported about why businesses don’t turn a profit—some chronically operating “in the red” month after month until failure finally ensues. In fact, reports reveal that a staggering 50% of new small businesses fail in the first year, alone, and only one-third survive 10 years or more. While the litany of business failure postmortems for small businesses and large conglomerates, alike, have asserted viable collective reasoning for said profitability pitfalls and outright failures, including money mismanagement, operational inefficiencies, poor needs analysis and price planning and being out-competed among them, not enough have focused on the all-mighty consumer credibility and trust factor when analyzing a business boon or bust.

And, no industry is more vulnerable to flailing credibility and trust among consumers than retailer. For its part, the retail trade crisis has also been well-established, particularly with respect to dwindling foot traffic to brick-and-mortar stores. Even online, it’s shocking to learn that fully 97% of visitors to eCommerce and other sales-minded sites bail out without purchasing on their first visit. Clearly there’s a severe disconnect between vendors and the marketplaces they hope to serve—a situation resulting in some serious economic opportunity loss. These disparities are also among the biggest misperceptions that both online and offline marketers hold.

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Far too many companies are churning out traditional sales lingo laced with fluff and vague, or entirely overinflated, claims, spending paltry little time and energy establishing credibility with prospective customers. And, the mission critical nature of credibility cannot be overstated, as it establishes a company or brand’s integrity, reliability, validity, soundness and a host of other image-including indicators of an entity’s moral and ethical code, and the standards by which it operates. At the most fundamental level, credibility translates into trust, and trust translates into sales.

Today’s consumer is quite savvy, but are often overloaded, over-committed, overdue for a vacation and, thus, easily annoyed. From telemarketer calls coming in at dinnertime or, worse, before the alarm sounds in the morning; an endless stream of SPAM e-mails jamming inboxes; and mailboxes overflowing with white mail that proceeds directly to the recycle trash bin, statistics show that consumers can be bombarded with more than 300,000 messages every day. This overwhelming demand for consumer attention and dollars has created a market filled with cynics, whose defenses are on full alert.

This heightened emotional state is working against commonplace sales tactics that are hyper-focused on getting to the close, rather than getting to know the consumer—and vice versa. Often, brand marketers fail to realize the sale begins and ends with authentic connection on both sides.
Consumers need an advocate. Amid all of the marketplace ‘noise,’ there is an incredibly opportunity right now for customer-centric brands to cut through the clutter. One way to do this is by establishing credibility with consumers. Companies that do this effectively will most certainly amass market share.
What I’ve learned over the years is that shoppers go through different phases, such as interest, awareness and action, before transitioning to the “buying’ stage.” However, the successful marketer offers multiple ways to prove the company and/or the product’s credibility through meaningful and relevant engagements that will carry a consumer through the emotional continuum of interest to final sale…and referrals and recommendations to others beyond.

Below are four proven tactics I’ve learned on the sales and marketing front line, which are critical to building a loyal client base and ultimately boosting revenue in kind:

1. Righteous Reviews

Studies show that, in general, people like to do what others are doing, especially in situations where they feel insecure. That fact can be emphasized by another fairly understandable statistic: Customers are more likely to make a purchase from an entity that can produce favorable reviews about their product, service or company. In fact, according to a newsurveyconducted by Dimensional Research, an overwhelming 90 percent of respondents who recalled reading online reviews claimed that positive online reviews influenced buying decisions, while 86 percent said buying decisions were influenced by negative online reviews.

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This can best be accomplished by deciphering what stage of the buying cycle the visitor is in, and then publishing or offering real and applicable reviews and testimonials allowing potential buyers to align themselves with others who have made purchase decisions. And, given the different stages of the buying process, it’s essential to showcase reviews and testimonials that touch on more than one aspect of a previous buyer’s experience. Prospects want to know that the person who wrote the review really exists so be sure to list real names (with permission of course). And, if you sell to other businesses, also list job titles and the companies they represent. It’s also advisable for marketers and business owners to take proactive steps to encourage buyers to provide written reviews, whether through a dedicated web page, a follow-up email or phone call, or a reminder next time they stop by to shop with you.

2. The Science of Social Proof

Simply put, social proof is influence created when one discovers that others are doing something. While reviews and testimonials are two of the most persuasive forms of social proof as detailed above, there are other important considerations. We now know that—with the rise of Internet sales and social media—potential buyers can amass a great deal of information even before visiting a store or certainly making a purchase. Endorsements from organizations or celebrities with a positive public image and “wisdom of the crowds,” can definitely provide the emotional risk relief needed to close a sale.
Social media also presents tremendous image opportunity. For example, Facebook is considered the “most effective” of the social media sites. “Likes” on Facebook are positive reviews about your products or services and ultimately show potential users that your brand can be trusted. Another highly effective brand-builder is publicity! Being mentioned in the media is extraordinarily effective as having your brand or company featured, or offering expert source “thought leader” commentary, is essentially an implied endorsement from the media outlet in which it runs. Of course, it’s imperative to leverage these public relations “wins” in your sales, marketing and business development efforts.

3. Transparency Translates

The word “sales” has become synonymous with “hype.” Modern consumerism is now based on transparency. This asks that we operate with openness, clear communication and accountability. A marketer that truly cares about the prospect’s perceptions and experience will have nothing to hide. Ensure marketing speak has no hidden agendas or false promises, and that all who come in contact with your business –gain a sense of—or have unencumbered access to—the company’s mission, vision, philosophies, environment, culture and core.

Potential customers consistently rank customer service as the number one factor impacting vendor trust. And, understanding that things sometimes go awry in business, I’ve found that people admire companies more when they readily admit to a mistake and address the issue directly. For me personally, the best way to adhere to full and complete transparency in business is to be mindful that businesses have a responsibility: one that fosters clear, open and meaningful exchanges with both prospects and established customers on any subject they want to explore. It’s definitely a winning path to a lucrative end, but transparency has to also be an “end” in and of itself.

4. Take Direction from your Customers

No matter what business you’re in, your most precious asset is your existing customer base. Why not intensely focus on their behavior and commentary (whether solicited or not), as you do business with them? Ask them for honest feedback. Motivate and compel them to provide it. It’s the only way to gain a deeper insight into their thinking, how they feel about your business, product or approach, and what you can do to make their experience better. This can be informal discussions or “interviews,” or anonymous surveys and polls that provide anonymity and can make subjects more comfortable to express their real thoughts and feelings.

What does your expressed desire to listen to your customers say about a company or brand? It tells them that it cares; that it’s serious about satisfying them; that it wants to succeed; and, most importantly, that you’re open to change. In this same vein, listening to employees can provide great value as well. They are on the front line after all. Ask them what they are hearing, what they feel is going well, and what is not working at all.

Being a credibility-conscious sales operation does not take a large budget. It largely involves not telling people what they want but rather listening to, and otherwise availing, what they need. If you provide valuable information—and uncontested access to it; offer a product or service whereby the care and quality is evident; rally existing customers, partners and other constituents to get on your bandwagon through testimonials, social media and the like; and consistently demonstrate top-notch service over a sustained period of time, your reputation alone may be enough to spur that coveted sales growth.

About The Author

[author_bio]

Brian Greenberg

Brian Greenberg is a multi-faceted entrepreneur currently serving as a founder and executive of multiple online businesses, including serving as President of True Blue Life Insurance. Recognized as one of the most creative people in the insurance industry, Greenberg is in the world’s top one percent of life insurance and financial services professionals. He may be reached online at www.TrueBlueLifeInsurance.com

Tracking Customer Satisfaction

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.

Client Relations Are Important

This is a relationship-based business, which is why I’m always confused when companies shutter marketing and client relations when conditions get tough. They should be doing the exact opposite if they want to stay alive. Juyst look at LRES. This national provider of residential and commercial valuations and asset management for the mortgage, banking, credit union and real estate industries, announced the expansion of its client relations division to increase client care and process efficiency to accommodate the influx of new client accounts.

As part of the expansion, LRES has allocated additional resources toward the client relations division, adding more budget and personnel to support increased customer communications and additional client visits, calls and client-facing promotional activities.

Under the expanded client relations division, a new initiative was developed called the LRES 360 Program, which involves an increased and more strategic focus within the first 360 hours a new client comes on board. During this time, the client relations division works heavily with the operations and management divisions to ensure a smooth client onboarding process, tracking all new orders for appraisals to ensure they are processed and placed in time, following up with appropriate vendors to ensure they are fulfilling their duties, checking in on an hourly basis with operations to ensure all deadlines are met and confirming with clients that all completed orders have been seamlessly delivered.

“LRES’ customer service is beyond compare,” said Erica Nunez Aguirre, appraisal department manager at Broadview Mortgage Corporation. “Their timeliness and accuracy allows us to focus on our daily operations and core competencies.”

On an ongoing long-term basis, the expanded client relations division will place its additional resources toward more opportunities to connect with existing clients, increasing number of phone calls, visits, meetings, etc. The restructured approach has allowed the department to handle additional inventory and give more undivided attention toward all clients, no matter the size.

“In order to accommodate our growth while ensuring that each and every client is getting the proper attention deserved, we added the strategy and the infrastructure in place that supports improved client relations,” said Roger Beane, CEO of LRES. “LRES is committed to its goal of being the business partner of choice, and our expanded client relations division greatly increases efficiency to better serve our new and existing clients.”

About The Author

[author_bio]

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Some Technology Vendors Are Getting It Right

Certainly these are challenging times, but those that do a good job by their customers will be successful. Technology vendors that offer great customer service are thriving and those vendors should pat themselves on the back more. For example, in its eighth annual customer survey, QuestSoft, a provider of automated compliance software, reported that 99.7 percent of its customers from 2012-2014 expressed satisfaction with QuestSoft’s customer support and training.

The company also reported year-over-year improvements in five of the eight measured categories. The company has received more than 1,500 customer responses in total for the last three years of the survey, and these results especially highlight QuestSoft’s exemplary customer service and free product training.

“QuestSoft prides itself on providing its customers with the best technology supported by exceptional service and training to remove the complexity from compliance,” said Carey Aimone, vice president of Training and Customer Support for QuestSoft. “We constantly update and re-train our staff to provide the highest levels of education and service while delivering innovative compliance solutions to our customers and the mortgage industry.”

Many customers cite the company’s support team’s accessibility as a key factor in their satisfaction with the company. “For 13 years I have been using QuestSoft, and not once did I have an issue with their customer service,” said Charito Tan, director of Mortgage Processing for Mountain View, Calif.-based First Technology Federal Credit Union. “The QuestSoft support team is always available to respond to my inquiries and provide the support I need, which makes HMDA submission that much easier.”

QuestSoft’s HMDA RELIEF software received high satisfaction ratings from an average of 99.6 percent of users over the same three-year period. “I love the QuestSoft system for our HMDA needs,” said Bruce Talbot, mortgage review manager for West Jordan, Utah-based Mountain America Credit Union. “HMDA RELIEF has saved me hours of time and has also made our annual submission process painless.”

The annual survey, which has collected almost 5,000 responses since its inception, is distributed to customers after the HMDA data submission deadline. The sheer volume of survey participants and the extraordinarily high marks represent a mandate in a world of less than stellar customer service.

“In the highly competitive mortgage environment where customer service rarely reigns supreme, having customers completely satisfied with a company’s offerings is a profound accomplishment,” said Leonard Ryan, president of QuestSoft. “The regulatory environment has changed the way mortgage professionals operate, and as a result, QuestSoft will continue to train our personnel to support and deliver what our customers need to achieve compliance and reach their business goals.”

About The Author

[author_bio]

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.