Mortgage customers want a mix of the simplicity and convenience of digital technologies and the confidence that working with a mortgage professional brings.
A new study from J.D. Power finds that the mortgage originators that are offering a strong digital customer experience are scoring better for overall satisfaction.
But it also confirms the importance of interaction with a real person who can help borrowers through the process with just 3% of respondents exclusively relying 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 J.D. Power 2018 U.S. Primary Mortgage Origination Satisfaction Study released this week shows that customers use 3.1 channels on average – phone (72%), website (69%), and email (58%) the most commonly used.
Who’s scoring the highest?
Quicken Loans ranks highest in mortgage origination satisfaction for a ninth consecutive year, achieving a score of 876.
Fairway Independent Mortgage ranks second with a score of 873 and Guild Mortgage Company ranks third with a score of 857. Mr. Cooper has the greatest year-over-year improvement among rank-eligible companies, increasing 41 points from 2017.
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