JD Power’s Mortgage Lender Survey – What Borrowers Want
The lender you refer your clients to is a reflection on you. I repeat that often b/c it is true and b/c we meet so many agents who are having issues with their lenders.
In light of this, JD Power’s recent survey of borrowers should be of particular interest, as it illuminates what borrowers look for in a lender.
There are four big takeaways from the survey results:
- Technology is improving client experiences. Approval ratings are up this year over previous years b/c of digital mortgage technology that consumers clearly appreciate.
- Borrowers still want to talk to humans. 100% digital, self-service mortgages are a long off for many reasons, the biggest factor being that borrowers want guidance along the way no matter how good the technology is.
- Response times (from email or phone inquiries). This factor weighed most heavily on the responses, and it was also the most humorous and surprising to me. The reason? Response times are measured in DAYS (instead of hours) and the average response time for the “fastest channel” was TWO DAYS. This is where I wish JVM borrowers were part of the survey, given that we guarantee 60 minute response times to all calls and emails. A two day response time is appalling.
- Rates. The survey did address interest rates – something I found very surprising given how much rate competition there is in the marketing place now. Borrowers simply demand the lowest rates nowadays no matter how good a lender’s service might be. This is something we experience firsthand, and it is why we had to restructure our entire model to ensure we could offer the lowest possible rates at all times and in every market.
You can see JD Power’s press release here. Among the major lenders, these are the firms with the best results: Quicken was #1; Fairway was #2; and Guild was #3.
Founder/Broker | JVM Lending
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