November 16th, 2012
More potential borrowers expressed satisfaction with their mortgage service company as lenders improve their customer service channels.
According to the J.D. Power and Associates 2012 U.S. Primary Mortgage Origination Satisfaction Study, overall consumer satisfaction increased to 761 on a 1,000-point scale, up from 747 in 2011. The increase in satisfaction is attributed to mortgage companies become more engaged with potential borrowers and willing to provide assistance. For example, more mortgage consultants are ensuring applicants are aware of their different loan options, helping them prepare paperwork and following up with clients.
“Given the recent challenges across financial services, the highest-performing lenders in the 2012 study have reduced customer uncertainty and apprehension with greater transparency and communication regarding what to expect in the origination process,” said Craig Martin, director of the mortgage practice at J.D. Power and Associates. “This increase in satisfaction is particularly impressive given the increasingly expanded origination timelines during the past year.”
The mortgage process can be challenging for first-time buyers. Working with a mortgage consultant who is proactive in helping applicants understand each phase of the transaction can make buying a home easier.