Customers and Mortgage Brokers
J.D. Power and Associates did a study to see how important customers were to mortgage brokers.
The survey consisted of 4,115 borrowers who originated loans in the first nine months of the year. The market research firm found that customer satisfaction is of major importance to mortgage lenders.
The survey showed that customers from the five highest ranking lenders make more than 20 percent of the referrals and chances are they will be more likely to do repeat business with their existing lender.
Also many of those surveyed, 17 percent said that their previous or existing relationship with a lender was a strong motivator for them to continue doing business with their lender.
28 percent of those surveyed said that interest rates, fees and closing costs were the strong motivator in the choice of a lender.
However there were also some negative findings brought to light through the survey. Nearly one in three borrowers taking out a new mortgage in 2006 experienced problems during the origination process.
Many problems included errors in closing documents, miscommunication of loan terms, or an unresponsive or unavailable loan consultant or mortgage brokers.
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