With borrowers increasingly expecting nothing less than an online, self-service mortgage process, the line between the consumer-direct and retail lending channels has blurred. In an industry where value is often demonstrated through a high-touch experience, lenders must treat self-service technology as a tool that facilitates, rather than defines, the customer experience.
Consumers want their mortgage experience to be like every other online transaction. They want the option to self-serve. The latest J.D. Power mortgage originator ratings show that overall consumer satisfaction is markedly higher among borrowers who used digital communication channels versus mail and fax.