Mortgage origination satisfaction up in 2015 [Video]
Posted on Monday, November 16, 2015 at 11:41:16 AM
Mortgage applicants are more satisfied with the process in 2015 than they were last year, and the improvement starts with speed.
The J.D. Power 2015 U.S. Primary Mortgage Origination Satisfaction Study indicated that, on a 1,000-point scale, overall customer satisfaction is at 793 this year. That is seven points higher than it was in 2014. The improvement was fueled by a 22-point increase in satisfaction with the application and approval process. When the residential financing process is completed earlier than expected satisfaction is significantly higher - 866 - than when it is slower than promised - 658.
However, the speed of the lending process could take a hit due to new mortgage disclosure requirements. Lenders have been forced to find a way to work new disclosure regulations in while maintaining a speedy application and approval process. As they attempt to do this, another way to improve overall satisfaction is to educate loan applicants on what to expect. Applicants, especially millennials who may have never applied for mortgages before, are more than happy to receive guidance from their lenders.