Mortgage customers still value personal interaction

By Steve Randall

The expertise of a mortgage professional is still valued highly by consumers even as demand for digital channels rises.

A report from J.D. Power polled more than 5,000 people in the US to ask about their levels of satisfaction with mortgage originators. It found that speaking to a mortgage professional remains important.

Although those originators that offer a good digital customer experience tended to score higher for customer satisfaction, just 3% of respondents said they exclusively rely on self-service digital channels during the origination process.

The highest satisfaction was seen where customers spoke only to the lender in person or over the phone when applying for a mortgage, followed by those who mixed personal interaction and self-service tools.

"The mortgage marketplace is changing rapidly as traditional players and new digital-native entrants ramp up their digital and mobile offerings," said John Cabell, Financial Services Practice Lead at J.D. Power. "While improved digital offerings are helping mortgage originators build customer satisfaction, it is important to find the right balance between digital, self-service offerings and personal interaction with a representative. Technology alone is not a magic bullet in this market; the key is knowing where to leverage it and where to layer in more traditional forms of one-on-one support."

The survey shows that phone (72%), website (69%), and email (58%) are the most commonly used interactions with mortgage originators.


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