New products, Fee Collection, Sales, VOE Tools; Events and Webinars: All This Week!
Mar 2 2021, 7:10AM
As a kid, magic tricks are amazing because we think there is magic. As an adult, magics tricks are amazing because we know there is no magic. Lenders know that financing a home is not magic, done through sleight of hand. Quite the opposite. Getting a mortgage while you’re grabbing a cup of coffee is misleading, and MLOs bear the brunt of educating borrowers how much arduous work it takes to satisfy them. STRATMOR Group and CFI Group released annual report findings this week for their MortgageSAT Customer Experience Program. The industry’s largest benchmark, based on more than 263,000 surveys in 2020, showed wide swings in customer sentiment over the past twelve months due to pandemic-related factors like capacity strain, extended cycle times, fulfillment burnout, new hiring, and widespread adoption of the work-from-home model. For example, loans failing to close within the expected timeframe more than doubled from 10 percent in March to 21 percent in all Q4. MortgageSAT annual report data is available exclusively to participants of the program. Reach out to MortgageSAT Director Mike Seminari for more information on joining the program.