Why it matters:

• Providing a stellar customer experience is one of the best ways lenders and LOs can differentiate themselves from the rest of the pack, which is essential for success in the crowded mortgage banking marketplace.
• The study found that the most important attributes customers value in a mortgage lender are expertise, guidance and communication. Only 28% of lenders successfully met these criteria.
• Only 48% of mortgage customers said they were kept fully informed throughout the loan process. The study identified six specific benchmarks LOs need to hit in order to be viewed as trusted advisors: provide advice on customers’ financial situations; explain the application process; answer application-related questions; meet expectations for what is required; explain the closing process; and provide information about servicing.

For additional details about the study results, read J.D. Power’s summary here.

Pat Sherlock is the founder of QFS Sales Solutions, an organization that helps organizations improve their sales talent management and performance. For more information, visit https://patsherlock.com.