Customer satisfaction with mortgage origination process increases in 2011
Despite a scarcity in available credit, mortgage origination customer satisfaction saw an increase in 2011, reports J.D. Power and Associates.
The survey, which was based on the application and approval process, loan representative, closing and contact averaged 747 on the 1,000 points scale – a 13 point increase from 2010.
“The increase in customer satisfaction is driven by improvements in many of the key best practices, including proactive status updates, providing a time frame to expect and meeting it, and providing follow-up contact after the application is submitted,” said director of financial services at J.D. Power and Associates David Lo.
However, this increase in satisfaction is trending in the opposite direction of homeowners’ satisfaction, which has declined steadily since the beginning of 2010.
According to the report, the drop of homeowner satisfaction can be explained by the lack of available credit. Millions of homeowners are stuck with the mortgage they acquired prior to the housing market bust in 2006. Due to the lack of credit they find themselves unable to refinance and take advantage of historically-low mortgage rates.
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