The world has changed in the past two years and future homebuyers have a new set of expectations. J.D. Power’s 2021 Primary Mortgage Origination Study publishing on Tuesday, November 2nd takes a hard look at what matters most to today’s borrowers.
- How will lenders compete more effectively for these new borrowers? Data from the the 2021 Primary Mortgage Origination Study explores the ways lenders can better compete for Gen Y/Z borrowers and how their drivers of satisfaction may differ from those of previous generations.
- Mortgage lenders provide varied communication channels to consumers to help them navigate the origination process, but are lenders truly optimizing their resources? Data from the the 2021 Primary Mortgage Origination Study examines which interaction channels help facilitate a satisfying homebuying experience for consumers and which may detract from the experience.
In 2020, record low interest rates drove U.S. home sales to a 14-year high and spurred a 200% annual increase in refinancing. While this boom in volume has generally been positive for primary mortgage originators, it also exposed underlying weaknesses in their digital strategies that could create challenges down the road.
According to the J.D. Power 2020 U.S. Primary Mortgage Origination Satisfaction Study, mortgage originators’ shortcomings in the areas of self-service tools for application and approvals, frequent communication and long loan processing times had the potential to negatively affect customer satisfaction over time.
Are lenders maximizing their business model to differentiate the borrower experience in this highly competitive market? What progress has been made to address the shortcomings borrowers identified in 2020?
The J.D. Power Mortgage Origination Satisfaction Study investigates customer satisfaction with the origination experience among mortgage lenders in the United States. It equips mortgage lenders with actionable insights about reasons a customer chooses a lender, the influence of advertising and online research, increasing referrals, winning repeat business, and minimizing dissatisfaction.
We pinpoint the factors that matter most to mortgage borrowers. The study sets a quality benchmark for the industry, and provides a thorough understanding of the needs, expectations, and desires of today’s homeowners.
A study subscription provides access to the insights and tools needed to gain a comprehensive, in-depth understanding of how your firm may be performing and identifies key areas needing improvement. Subscribers gain access to results on November 2, 2021. Key findings and rankings will be released in a press release on November 11, 2021. Read the 2020 press release here.
Contact us to learn more about the study using this simple form and subscribe today. Join our mailing list to stay up to date.
