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Consumer Expectations Will Set the New Lending Standard

It’s no surprise that industries are changing. With stiff competition among businesses, the new standards for success are being set by customer expectations. Industries from education to lending are learning fast that to stay in business, they must remain highly competitive and in-tune with their customers.

An areal view of gray houses and grass dotted by trees

Photo by David McBee from Pexels

J.D. Power’s 2020 U.S. Primary Mortgage Servicer Satisfaction Study announced this week that while inquiries from borrowers are rising given the current financial turmoil, the general sentiment regarding borrowing is sour. Customers are frustrated with long wait times on the phone, poor communication, and confusing website layouts. Ultimately, who they choose will be whoever provides them not only the best rates, but the best experience.

The report does, however, note that customers rated their general experiences with the industry higher than they did last year. This includes their overall experience as well as the financial aspects. Quicken Loans came in first among mortgage lenders for the seventh year straight, showing that alternative lenders have a competitive edge even in our current financial landscape.

How else is consumer behavior driving the recovery? As it turns out, though what they’re spending money on may be different, the reasons why have remained the same.

 

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