Many lenders are missing a key point to offer better services to their consumers and therefore increase revenues, according to STRATMOR, a mortgage industry advisory firm.

The survey was launched last summer to 1,556 individuals representing 975 lenders. Of those, the company obtained 55 responses from those lenders. That represents a completion rate of 5.6%.

Here is what they learned from examining that small sample size:

Around 90% of lenders measure customer satisfaction after they close a loan, whereas roughly 8% measure it after the loan’s payoff. Yet, many lenders see customer satisfaction as either the most important thing or at least near the top after the loan is closed.

In STRATMOR’s PeerViews Customer Satisfaction survey, 67% of lenders said a satisfaction survey is highest importance and another 24% said it is very important. That number drops considerably after the loan’s payoff.

STRATMOR insisted that while satisfaction after the closing date could bring in more short-term referrals, ongoing referrals actually depend more on the borrower’s experience with servicing.

Click to Enlarge

survey

(Source: STRATMOR)

While currently only 8% of lenders measure customer satisfaction after payoff, another 12% said they plan to begin measuring in the future. Another 46% of lenders said they would consider measuring, however 34% said they show no interest in measuring after payoff.

Click to Enlarge

survey

(Source: STRATMOR)