Pamela Herrmann is vice president of marketing and chief storyteller for Mortgage Cadence. She is the author of The Customer Manifesto, which was ranked No. 3 by Business.com as a customer service book every business owner should read. For a complete report on the 2018 Borrower Survey by Mortgage Cadence in partnership with Accenture Research, please visit www.MortgageCadence.com.
While many lenders think they’re doing just fine with productivity, and processing loans with ‘good enough’ speed and efficiency, the numbers tell quite a different story completely. Through the lens of data, most shops are falling flat.
Since 2016, Mortgage Cadence has been partnering with Accenture Research, polling American borrowers to determine what they were thinking, feeling and doing as they were moving through their mortgage application journey. In 2016, when we first asked borrowers to rate their level of satisfaction with lenders, 45% said they were ‘very satisfied.’
For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.