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A recent survey conducted by STRATMOR found that 90 percent of lenders and servicers currently measure borrower satisfaction after closing.
“STRATMOR believes that lenders focus on surveys of satisfaction at closing because there is a ‘halo’ effect associated with getting a mortgage that results in relatively high satisfaction scores that can be milked both for referrals and positive comments on the lender’s website, social media or real estate information web-sites sites, e.g., Zillow,” says the company.
In addition to this 90 percent, the survey found that of the remaining 10 percent, 8 percent responded saying they plan to measure borrower satisfaction after closing.
Despite the majority of those polled responding with this means of measuring borrower satisfaction, STRATMOR says that lenders and servicers should also consider measuring borrower satisfaction upon cancellation to avoid being in the dark as to what caused the cancellation.
“Cancellations can be problematic since there is often no clear milestone or event associated with a cancellation between initial contact and closing (other than, perhaps, Intent to Proceed),” says the report. “And, in any event, response rates are likely to be low in as much as there is little incentive for an applicant who cancels to respond, except in situations in which they are feeling upset or angry (which would be useful information).”
Further, STRATMOR reports that a low percentage of lenders and servicers measure borrower satisfaction after pay-off – which is in their opinion “extremely shortsighted.”
“Especially in regards to payoffs where an existing borrower chose another lender, lenders need to know why; whether it was because of a bad origination experience; a poor customer service experience while their loan was being serviced; or something else over which the lender or its parent had control,” says STRATMOR.
To read the entire November STRATMOR Insights report, click HERE.
