Although submitting their mortgage application may not be an enjoyable task, a new survey from Fannie Mae indicates that buyers do enjoy their interactions with lenders—even when they don’t get approved for financing.
The survey revealed that over 60 percent of borrowers feel satisfied with their lender, which is higher than their satisfaction with the actual mortgage process itself. Buyers also noted that feeling heard and respected by their lender was just as important as the speed of approval.
When asked why they felt positively about their lender, survey respondents indicated that their lender was knowledgeable and helpful in answering questions and addressing concerns. These lenders also had the ability to show empathy and provide a clear explanation of how decisions were made.
These findings suggest that although buyers dread the application process, they appreciate having a professional partner guiding them through the process. To increase customer satisfaction, lenders should focus on delivering excellent customer service and making every interaction count.
Lenders should strive to create a transparent customer experience. This means providing insight into how decisions are being made, being patient with borrowers who may not understand the process, and providing clear communication throughout the process. Additionally, lenders should demonstrate their expertise by providing personalized advice and offering creative solutions to potential credit challenges.
Summary
A recent survey from Fannie Mae reveals that buyers have positive experiences with their lenders even if they are not ultimately approved for financing. The survey suggests that feeling heard and respected is just as important to customers as the speed of the approval process. It also showed that borrowers appreciate knowledgeable and helpful lenders who have the ability to show empathy and explain decisions. To provide a better customer service experience, lenders should focus on delivering excellent customer service and being transparent and clear in their interactions. They should demonstrate their expertise and offer creative solutions to potential credit issues.
This article was contributed on Jun 27, 2023
