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Craig Martin, executive managing director and global head of wealth and lending intelligence at JD Power, spoke to Mortgage Professional America about the findings. He noted mortgage companies had done a good job of enhancing their technology and revamping their customer experience but were now failing to stand out amid the struggle: “Everyone has upped their game,” he said of the other enhancements. “The bar’s been raised but no-one’s standing out. In some ways, it’s become commoditized.”
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Given the industry downturn, Martin noted, lenders should strive to differentiate themselves as trusted advisors who can guide customers through the lending process while offering valuable counsel along the way. This requires a ramping up of communication – keeping customers informed throughout the lending process and ensuring consistent and effective communication through all channels.
Unfortunately, Martin added, less than one in three customers said their lenders were able to deliver that optimal experience.
“What we’ve seen in the last couple of years is so much push on rates and refinancing,” he said. “All this emphasis on the product sends the message that you can get this anywhere. It’s all about the rate and speed – which are important things, but then they [customers] go: ‘What’s next?’ Consumers’ demands and expectations are rising. What the data tells us is a lot of people are getting the same overall outcome that ‘eh, I’m pretty happy,” he said, effecting a somewhat resigned tone of voice.
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