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STRATMOR Group, a consulting firm that helps mortgage banks build profitable mortgage lending operations, has reported that a critical mass of lenders have now signed up for the firm’s MortgageSAT offering, a tool they can use to accurately measure mortgage customer satisfaction and react to negative borrower feedback in a timely manner to achieve positive results.
STRATMOR Group launched its MortgageSAT offering in 2013 based on the Mortgage Customer Satisfaction Index (MCSI), a measurement the company developed in association with CFI. The MCSI is an adaptation of the American Customer Satisfaction Index (ACSI), founded at the University of Michigan’s Ross School of Business. The MCSI is the first uniform measure of borrower experience in use in the mortgage industry. Earlier this year, the firm hired industry veteran Tim Ryan to manage the offering.
“Lenders are being driven by regulatory and competitive pressures to better understand the impacts their customer service is having on their borrowers,” said Tim Ryan of STRATMOR Group. “The lenders that are live and active on the program today are responding to borrowers immediately, whenever satisfaction ratings fall below a trigger benchmark at any client touchpoint in the mortgage lending process. We’ve found that these lenders can consistently turn a dissatisfied client into a source of new referral business by using this method.”
The most recent lender to utilize the program is Freedom Mortgage, a privately held, full-service residential mortgage lender licensed in all 50 states. The firm has made customer satisfaction a top goal at the company and is using MortgageSAT to gauge its progress toward that goal.
“Making certain that every borrower is satisfied with the way they are treated and with the financing they receive is a critical element of our success,” said Stanley Middleman, president and CEO of Freedom Mortgage. “MortgageSAT allows us to know how well our people are doing and how our customers are responding at every step along the way. It is quickly becoming a key element in our overall strategy.”