Survey Finds Borrowers Still Reliant Upon LOs

Mortech Inc., a mortgage technology software company, recently co-sponsored a loan origination survey that revealed, in part, that borrowers still demand the services of a competent lending professional during the loan origination process. The survey, focused on uncovering the best practices of today’s most successful loan originators (LOs), revealed that the relationship between the borrower and the LO was a key driver of customer satisfaction. LOs who participated in the survey answered in an overwhelming majority that having satisfied customers is very important to their success. Customer satisfaction is earned primarily by closing loans on time, conducting initial discussions about the loan process to ensure the customer’s understanding, and providing personal attention from the very beginning of the process. "Even in this age of advanced technology, the industry's highest producing and most successful loan officers still rely on frank discussion and patient explanation to close more loans," said Don Kracl, president of Mortech. "People still want to do business with a lending professional they feel they can trust and providing this two-way communication earlier in the process is the surest way to satisfy more customers and ultimately get more referrals."