Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
721,576-14142
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.95%0.00
MortgageRegulatory

The key to successfully growing your mortgage lending operation

Hurry! Competition is quickly heating up

The mortgage market is quickly drying up and lender competition is heightening in order attract the remaining drops of business thus making lender relationships more important than ever.

According to a recent report from PwC, “Attractive fees and terms and a clear-cut process might initially draw in customers, but it’s the loan officer that actually sticks in their minds. Fees and terms only drive 10% of positive memorable experiences, while almost half are driven by the loan officer.”

Loan officers drive 42% of negative memorable experiences, compared to 49% of positive of memorable experiences.  

Borrowers want personalization in the mortgage product, service and relationship since they want a sense of security from knowing that their loan officer is molding the process to their needs, PwC explained.  

And to top it off, recall of bad experiences is higher with mortgage lenders than any other industry.

The Consumer Financial Protection Bureau started its Consumer Complaint Database in July 2011, giving consumers a vehicle for lodging complaints.

Since its start, consumers have filed more than 176,000 consumer complaints between July 2011 and June 2013, and guess which industry left the most damage? Housing.

More than two-thirds of the complaints received centered on mortgages lending (48%) and credit reporting (21%).

In a speech to the National Association of Attorneys General, CFPB Director Richard Cordray noted, “Under our statute, the Consumer Bureau is required to develop and operate a process for receiving and handling consumer complaints in all the markets that we regulate.”

Cordray added that in just last month alone the CFPB received more than 30,000 calls and handled more than 20,000 complaints from consumers.  

“Customization is key. By building your business around distinct customer segments, the borrower-and-lender relationship can become that personalized experience that customers crave,” PwC said. 

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please