Lender Customer Satisfaction Up In 2023 Thanks To Borrower-Centric Approaches
Mortgage lenders who pivoted to borrower-centric approaches in the last year saw customer satisfaction soar despite high rates.
That’s according to the J.D. Power 2023 U.S. Mortgage Origination Satisfaction Study, which found overall customer satisfaction with mortgage lenders rose 14 points YOY, even as the average mortgage rate has climbed to its highest level in 23 years and lending volume tanked.
The reason? Increased focus on the borrowing experience, leading to happier customers.
While nearly a third of customers said they chose the lender with the lowest rate, 69% cited other reasons like personalized service and helpfulness.
“The value equation for mortgage originators has shifted from instant approvals and lightning-fast processing to helpful advice and creative problem solving,” said Bruce…