Customer satisfaction is the only way to ensure that you are able to receive referrals and simply conduct more business. The latest J.D. Power 2017 U.S. Primary Mortgage Origination Satisfaction Study revealed what companies are at the top of their game, as well as some alarming news regarding the overall state of origination satisfaction.
Guild Mortgage Company and Quicken Loans are leading the industry in mortgage origination customer satisfaction, according to the report. PrimeLending takes a close second with a score of 859 compared to the aforementioned companies 878 score.
While this is great news for these three mortgage giants, the truth is, customer satisfaction as a whole in the mortgage origination business is at a decline. J.D. Power listed some of the trends they noticed which correlated to the decline.
"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," according to the results.
"On average, the purchasing process took 36 days this year, an increase of almost a week from 2016."
The company also found that digital use has increased however, digital satisfaction has not. Meanwhile, J.D. Power revealed that representatives are still playing a key role in helping to build customer trust.
These are definitely key factors to think about in your origination business. For more on the J.D. Power 2017 U.S. Primary Mortgage Origination Satisfaction Study and results, click on the image above.