Buying your first home is a very exciting time. Nothing is quite the same as standing on the sidewalk in front of your new home and knowing that you hold the keys to your dream. But, as a colleague of mine once pointed out, “What’s not so exciting is looking at how much it’s going to cost you, and thinking that moving back into your parent’s basement isn’t such a bad idea after all.”
This is so true that we wrote a white paper around the idea. If lenders can find a way to help borrowers hold on to that feeling of excitement and accomplishment, it will increase overall borrower satisfaction with our process. It will also increase repeat and referral business.
But is this even possible? We started the research and found that there are really only a handful of things that impact the borrower’s experience with the lending process. They include:
Level of overall confusion with the process: Through our eDisclosure work, we’ve found that consumers are most satisfied when they can move through the process quickly and without confusion. Borrowers want to feel like they are in control of the information flow, and they can be if the documents are delivered quickly, accurately and electronically.
Confidence in their lender and the accuracy of the documents: This should go without saying. Errors on documents erode the consumer’s faith in the lender they have chosen. They expect us to be correct every time we hand them a document.
Confidence in the security of their personal financial data: While it’s true that Millennials are more likely to live in the online world and take interacting with electronic systems as a matter of course, they also demand a high level of data security from the vendors they work with. Everyone deserves to know that the information they share with our industry will be kept safe.
Speed to close: Ultimately, this is the home loan borrower’s biggest concern. In our experience, the faster the process moves, the happier the borrower will be.
In our new white paper, we talk about some of the best ways to have a positive impact on each of these important consumer concerns. Find it on our website and download a copy for your own company.