Lowest Price Isn’t Always the Answer
J.D. Power cited that many things determine the buyer’s choice of lender, which does includes: price and rate. The lowest price doesn’t always win but rather what buyers are most likely to look for is the combination of trust in the brand and reasonable price. Faster is not always seen to be better. In some cases, customers are seeing a slower mortgage process, according to the J.D. Power 2017 U.S. Primary Mortgage Origination Satisfaction Study. This is affecting overall customer satisfaction.
The speed of processing often is slowed down by the customer, cites the J.D. Power 2017 U.S. Primary Mortgage Origination Satisfaction Study.
Other Findings
■ Overall satisfaction with primary mortgage originators is down 8 points (on a 1,000-point scale) in 2017. This is driven in part by reports of longer times from initial application to closing. On average, the purchasing process took 36 days this year, an increase of almost a week from 2016.
■ Representatives play a key role in building customer trust: Overall satisfaction among mortgage customers with high levels of trust in their loan representatives is 358 points higher than among those with low levels of trust. The top three elements driving that perception of trust are representatives always calling back when promised; continuity in working with a single representative throughout the process; and representatives proactively providing status updates.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.