Loan Zone: Document checklist enhances member satisfaction
Complete mortgage documentation list heads off unwelcome surprises.
Providing a complete and accurate list of documentation that borrowers need to provide to complete their mortgage application makes the process easier and enhances member satisfaction, according to a consumer survey.
At a recent CU Members Mortgage National Mortgage Lending Conference, guest speaker Garth Graham, senior partner with STRATMOR Group, Greenwood Village, Colo.., shared polling research recognizing the importance of the document checklist in the home loan process: Providing such a checklist increases borrowers’ satisfaction from 51 percent to 90 percent.
Most mortgage lenders provide some form of document checklist. In the polling research Graham shared, only 3.6 percent of respondents reported not receiving such a list. However, given how much value borrowers ascribe to this checklist, Graham recommends that mortgage lenders ensure that a complete and accurate list of required documents is always provided to loan applicants as part of an overall strategy to improve communications and manage borrower expectations.continue reading »