New research from Snapdocs, STRATMOR Group reveals opportunities for mortgage lenders to optimize the borrower experience

SAN FRANCISCO–(BUSINESS WIRE)–Mortgage lenders know they need to deliver a superior experience to acquire repeat customers and earn customer referrals. Yet the mortgage process remains stressful for borrowers, with 1 in 5 reporting a problem with their transaction. New research from Snapdocs and STRATMOR Group released today closes that gap, revealing common pain points during the mortgage process and offering recommendations for lenders to improve the borrower experience. To see the full results, please download the “State of Borrower’s Experience” report here.

“Lenders need to find new ways to compete in this market. While a proven strategy is to create a best-in-class borrower experience, there is no consensus on what “best in class” means, let alone how to measure it,” said said Garth Graham, Senior Partner at STRATMOR Group. “This research provides a granular view of key ‘moments that matter’ so lenders can begin to build their CX strategies around empirical data.”

The report surveyed more than 7,000 US borrowers, all of whom had completed a mortgage transaction within the previous nine months. The results show that investing in technology and improving processes downstream of the mortgage process can improve the borrower experience. Key findings include:

Borrowers are generally satisfied with the application process: Fewer borrowers experience difficulty completing the loan application compared to other steps in the mortgage process. 67% of respondents rated the experience of completing a loan application 8 or more on a 10-point scale.

Document collection and processing issues affect the borrower experience: Unreasonable document requests resulted in a 70-point drop in NPS, the biggest hit to borrower satisfaction throughout the mortgage process.

Borrowers are encountering more frequent and larger issues at closing: More than one in three respondents encountered a problem when closing, which caused the NPS to drop by 34 points; Respondents cited lack of preparation, delays, or closing errors as the top issues impacting their experience.

Snapdocs and STRAMOR offer free diagnostic assessments to help lenders understand their ranking against these industry benchmarks and create personalized strategies to optimize their borrowing experience. To get started, go to here.

“As the mortgage landscape becomes more competitive, lenders need the best information, tools and resources to compete and win over borrowers,” said Michael Sachdev, president of Snapdocs. “This new report, coupled with our personalized assessments, enables lenders to benchmark their borrower experience against industry benchmarks, understand opportunities for improvement, and make changes that encourage customer retention. and earn customer referrals.”

Snapdocs and STRATMOR will present the full results of “The State of the Borrower Experience” in a webinar with MBA on August 31, 2022. To register for the session or to receive upcoming research from Snapdocs and STRATMOR, please to visit here.

About Snapdocs

Snapdocs is the mortgage industry’s leading digital closing platform. Powering millions of fences every year, Snapdocs combines an open platform, patented AI technology, the largest settlement network, and a team of industry experts to drive digital fence success. Our proven approach enables leading lenders and title companies to automate the closing process and turn it into a competitive advantage. By using Snapdocs, lenders and title companies close more loans for less while delivering the modern, recommendation-worthy digital experience borrowers expect. For more information, please visit here.

About STRATMOR Group

STRATMOR Group is a leading mortgage advisory firm that offers a range of programs and services designed to advise CEOs and senior lender executives. STRATMOR serves more than 250 companies each year, delivering strategies that increase growth and improve profitability in sales, marketing, technology, operations, and mergers and acquisitions. The company leverages comprehensive proprietary data and key insights gained through extensive experience in the mortgage industry. STRATMOR is well known for its financial models and its collaboration with the Mortgage Bankers Association on the PGR: MBA program and STRATMOR Peer Group Roundtables. Discover STRATMOR on its website at www.stratmorgroup.com.

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