One-Stop Shopping for Homebuyers, Customer Loyalty for Lenders

Written by Leslie Parrish and Tiffani Montez

Even lenders with significant digital mortgage lending capabilities will tell you that attracting a potential borrower and moving them through the homeownership journey from loan application to closing is a significant time investment. Lenders face challenges in retaining borrowers throughout the homebuying journey and later when that customer wants to refinance or buy another home.

Through a project with Blend, a digital lending platform provider, Aite Group surveyed recent homebuyers and interviewed mortgage lenders to better understand the pain points in the homebuying process and how lenders can more comprehensively meet consumers’ needs with the end goals of providing a great experience and strengthening the relationship to drive retention.

Insights from this research include the following (download the report for more details):

  • Consumers experience many challenges and coordination difficulties throughout the homebuying process. Because of this, there’s an opportunity for lenders to increase customer satisfaction and operational efficiency by creating a lending experience that more tightly integrates all of the activities associated with a home purchase.
  • Consumers have significant knowledge gaps in which lenders can step into the role of a trusted advisor. This can reduce the stress a customer feels during the homeownership journey while building loyalty.
  • Consumers want an easier homeownership journey that can also save them money. Nearly 90% of consumers express interest in using a complete end-to-end homeownership solution if one is offered by their lender. Of particular interest is having a single place to coordinate all of the tasks and service providers needed for a home purchase.

Based on these findings, we recommend mortgage lenders create a fully integrated experience that is centered around the consumer. Such a service could differentiate lenders from their peers and create a stronger customer relationship.

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