What is the “Perfect Mortgage Experience”?   And is it even possible?

People often talk about “striving for perfection” – knowing that they are saying it a little tongue-in-cheek.  

But some brave surveyors wanted to find out if “Perfect Mortgage” is actually ‘a thing.’   Turns out that it is. 

In a recent MortgageSAT study of more than 37,000 respondents, roughly 41 percent had a “perfect” experience.

I don’t know about you, but that %% surprised me.   That means that –  if about half of your clients aren’t calling their loan experience PERFECT, you are falling behind.    Are you living up to that standard?   

If you are, and you aren’t conducting ritualized client surveys – AND PROMOTING THEM – you are severely missing out on great promotion.   

The cool part of the article is that they actually defined the 7 Commandments of a great client experience. 

  • Provide the borrower with an upfront checklist of the information they will need to provide.

  • Contact the borrower well before the closing.

  • Avoid asking the borrower to provide a document already provided.

  • Be proactive about keeping borrowers informed about status.   

  • Close loans in the expected time frame.

  • When problems arise, make every possible effort to resolve them.

  • Start the closing on time.

Borrowers with a “perfect” experience had an NPS that was 20 points higher than borrowers whose experience involved one or more failures with respect to a critical activity.   So it might be a good idea ot train your staff on these 7 Commandments and display prominently.   The study showed that if you can get the number who rate your perfect from two in five- to three in five-  you could see referral business jump by 50 percent.
That’s a lot of money y’all.   Improve away.
the full article can be found at https://www.stratmorgroup.com/mortgagesat_tips/is-perfection-in-the-loan-process-too-much-to-ask/