LendingQB, a Saas loan origination technology solutions provider, has partnered with the industry advisory firm STRATMOR Group to offer its lenders a tool designed to help them gain the control, visibility and context necessary to manage and improve the borrower experience.
Dubbed MortgageSAT Borrower Satisfaction Program, STRATMOR’s tool will let LendingQB customers survey every borrower within 24 hours of closing and quickly receive direct borrower feedback, as well as insights about the loan process and the people involved, according to a company press release.
The tool, which is available through select lenders, is intended to enable lenders to pinpoint and remediate sources of borrower dissatisfaction. MortgageSAT scores loan originators, processors, underwriters and closers and measures a borrower’s perception of the entire loan process with analysis by region, branch and individual employee.
The integration between the companies is designed to allow lenders, previously only able to measure success by internal measurements and historical results, to access benchmark data indicating how their satisfaction and net promoter score (NPS) compares to other lenders. MortgageSAT’s national benchmark data is available around the clock in a real-time web portal.
“Knowing where the bar is set is very important to making strategic decisions about where to focus resources in making improvements,” MortgageSAT Director Mike Seminari said in the release. “In virtually all industries, research shows a strong correlation between increased customer satisfaction and increased revenue and profits. A 16-year study based on data from the American Consumer Satisfaction Index (ACSI) reported that companies showing year-over-year growth in satisfaction ratings grew at fourteen times the rate of the market. MortgageSAT makes it easy for lenders to gather feedback from borrowers in minutes, and to respond to borrower concerns quickly. This means lenders can mitigate their risk of bad online reviews, CFPB complaints, and even negative word-of-mouth from borrowers. And the positive feedback can be shared automatically with social media, with MortgageSAT’s ability to prepopulate Zillow reviews.”
“MortgageSAT brings an incredibly important tool into play for lenders seeking to enhance the borrower experience,” LendingQB Vice President of Strategy David Colwell said. “Integrating with MortgageSAT allows our clients to successfully analyze their borrower experience and strategically identify and capitalize on lender improvement by fine tuning gaps within their lending process.”