U.S. Primary Mortgage Origination Satisfaction Study

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The Challenge

Mortgage lenders are currently facing a number of challenges, most notably, regulations and market conditions. While industry experts are expecting interest rates to continue an upward trend, temporary rate drops can trigger short-term spikes in refinance volume, which lenders must manage with existing resources. Additionally, firms must prepare for changes, such as implementation of the TILA-RESPA integrated disclosure rule, and be ready to respond to a possible increase in purchase demand as the economy continues to improve. Firms must also focus on improving technology as the number of mortgage customers using mobile and online services increases and as the industry and regulators push for conversion to a paperless mortgage process. While facing these challenges, how can lenders ensure they are simultaneously addressing these challenges and improving their customers’ experience?

The Solution

The J.D. Power 2015 U.S. Primary Mortgage Origination Satisfaction StudySM examines customer satisfaction with the origination experience among the largest mortgage lenders in the United States. The study provides a broad understanding of how firms can improve mortgage customer satisfaction, loyalty, and advocacy across six key factors:

  • Loan Offerings
  • Application/Approval Process
  • Interaction
  • Closing
  • Onboarding
  • Problem Resolution

Additionally, the study explores the most critical drivers of satisfaction among borrowers in various key segments of the market, including:

  • New Home Purchase vs. Refinance
  • First-Time Homebuyers vs. Repeat Purchase
  • Various Demographic Segments
  • Specialty Programs (i.e. VA/FHA)

A study subscription provides access to the insights and tools needed to gain a comprehensive, in-depth understanding of how your firm is performing and to identify key areas needing improvement.

New for 2015

The 2015 study includes a mid-point data file which is scheduled for release on June 2, allowing subscribers to more accurately track their results throughout the year. Full study deliverables that are scheduled to be provided on November 12 include:

  • An analyst briefing that provides insights into key industry trends and best practices that you may incorporate into your firm’s processes in order to improve customer satisfaction
  • Access to a competitive data set, allowing you to see how your firm stacks up against key competitors, the industry, and the highest performers
  • A performance summary that spotlights key performance metrics and your effectiveness at meeting these metrics
  • An executive presentation that provides a summary of your firm’s results, compared with key competitors, as well as strategic advisement on areas with the greatest potential to improve performance

Strategic Customer Segment Analysis

Many J.D. Power clients have expressed an interest in capturing data from a larger sample of their own customer base than is feasible in the context of a syndicated research study. J.D. Power offers the opportunity through either additional panel-acquired or client-supplied sample to conduct a customized analysis of customer segments to help answer such critical business questions as:

  • How successfully are firms delivering the client experience to specific segments of the market defined by such criteria as age, ethnicity, application channel, geography, credit profile, and additional products?
  • How does the firm compare within key customer segments to the broader industry or key competitors?
  • To what extent are key internal initiatives impacting customer satisfaction?