Los Angeles
Times Potential borrowers eager to find lenders with superior service
A poll by Carlisle & Gallagher Consulting Group found that more than a third of potential borrowers would be willing to pay a higher rate if the mortgage came with superior service. The survey didn’t say how much more the 34 percent were willing to pay, but it did find that this group is a frustrated bunch.
Making sense of the story
- More than half think the process is too
slow. A third find it impossible to track the status of their loan
application, an equal percentage say it is too difficult to talk with
their lenders, and a quarter don’t believe the advice they’re given.
- A starting point for borrowers is to ask their
real estate agent which lenders offer the best service. Agents know
which lenders keep their promises and close quickly without incident.
Another option is to ask friends, co-workers, and relatives about their
experiences.
- Beyond that, prospective borrowers should look
for several attributes that will help them find a responsible company or
accessible loan officer.
- Borrowers should look for a consistent point
of contact. Federal regulators have already settled on this as a
requirement for loan servicers – the companies that collect payments,
disburse funds to cover property taxes, and homowners insurance and
otherwise administer loans.
- Dealing with a company that provides
up-to-date status information also is beneficial. There’s nothing
worse than chasing down an unresponsive loan officer to make sure this
document or that report has been received, or to find out whether
underwriting has looked at the application.
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