Borrowers once again affirmed that quality of experience matters more to them in the lending process than cost.
In a new survey from Reggora, an appraisal management software company, most borrowers said they care most about speed and quality in an appraisal.
These were followed by communication and professionalism. The cost of the appraisal was ranked as the least important factor.
Of the 1,008 respondents, 815 said they didn’t care about the appraisal cost at all when choosing a lender.
They focused primarily on interest rates, followed by the borrower’s perception of the loan officer.
Having a relationship with the lender or hearing about positive experiences from others were significantly more important than factors like closing costs, special loan considerations, or appraisal costs.
“During the appraisal process, lack of visibility for borrowers puts lenders at high risk of dropping their NPS or even losing the deal,” Mike Seminari, STRATMOR Group’s Director of Customer Experience, said.
“With volume down and lenders finally getting a moment to catch their breath, now is an ideal time to work towards alleviating the inefficiency, lack of visibility, and overall lack of control that is so often associated with the appraisal process.”
Lenders should focus instead on transparency and ease when figuring out how to attract borrowers.
Building loyalty and a reputation for good work can draw new clients better than pushing low-cost services.
“The message from borrowers is clear,” Brian Zitin, CEO and co-founder of Reggora, said. “Lenders need to focus on projects that make for a high-quality customer experience.”
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