The survey polled 1,000 homebuyers who had recently taken out or refinanced a mortgage. It found that most respondents preferred engaging with lenders via web portals, email, or phone instead of solely relying on digital tools. The study also revealed that many borrowers felt that having both digital and traditional customer service options available provided them with a more personal experience and a greater feeling of security.
In terms of convenience, respondents noted that digital tools made the loan process faster and easier. Almost three-quarters of respondents said that online forms were their preferred way of completing the loan application process.
However, when selecting their mortgage lender, borrowers favored lenders that offered multiple customer service options. About two-thirds of the respondents stated that they would have been less likely to use a lender if its website was the only way to contact customer service.
When it came to the loan process itself, most borrowers valued the availability of human contact. More than three-quarters of respondents said they would have preferred speaking with a loan specialist at some stage during the process. Additionally, 153 borrowers indicated that they had encountered problems during the loan process, and 55 percent of them said that a loan specialist could have been able to help them with these issues but that they were unable to access one due to their lender’s lack of customer service options.
Finally, the survey suggested that mortgage lenders should consider enhancing their digital tools in order to provide a more personalized customer experience. Respondents indicated that they wanted features such as online chats with loan specialists, real-time updates on their loan applications, virtual tours of potential properties, and a single portal where they could track multiple offers.
From this survey, it is clear that mortgage borrowers highly value convenience, but also appreciate the personal touch that comes with traditional customer service. They want their lenders to offer both, so they can get the best of both worlds and ensure a smooth loan process. This indicates that lenders need to find ways to enhance their digital services while also providing more traditional customer support options. By doing so, lenders will be able to meet the expectations of borrowers and provide them with an optimal user experience.
This article was contributed on Sep 22, 2023
