Faster Than Your Average Lender
Posted by ecreal on November 16th, 2009
Time is of the essence. This phrase seems especially relevant in today’s mortgage industry. The J.D. Power and Associates 2009 Primary Mortgage Origination Satisfaction Study(SM) recently revealed a decline in overall customer satisfaction compared to that of 2008. This has been largely attributed to the increase in time it takes most lenders to get from submission to close on a home loan. The average time required to close a loan has gone from 30 days in 2008 to 47 days in 2009.
Forty-seven days is a long time to have to wait. So, what’s the hold up? Increased lending criteria have weighed down the process for many lenders who are not accustomed to such careful practices. In effect, customers have become dissatisfied by the level of customer service they are receiving due to the lengthened process.
Fortunately, if you are purchasing a home, you do not have to look forward to a 47-day wait to get to the closing table. Despite trends of an increased time span, some lenders are actually decreasing the time it takes to go from submission to close. Shore Mortgage, a direct lender in the business for over 25 years, has reduced their time to an average of 19.8 days to close. That’s less than three weeks! United Wholesale Mortgage has been in the business for over 9 years and boasts the fastest closings in the nation, closing loans submitted by brokers in an average of just 8.4 days, which helps the brokers better service their borrowers. Imagine applying for a loan, then walking into your closing meeting a little over a week later.
Research from this J.D. Power and Associates study revealed, a vital factor in an efficient and satisfying customer experiences is communication. This comes as no surprise, considering Shore Mortgage and United Wholesale Mortgage both recognize the importance of quality communication by offering around-the-clock availability for their customers.
You’ve waited long enough to finally be able to purchase your home. This part of the experience should be enjoyable, not stressful and drawn out. Shouldn’t it?
Source: CNN Money. money.cnn.com
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