Financial transaction

81% of borrowers want to conclude in person

As the housing market continues to adjust to unprecedented demand as digitization becomes the norm, 81% of borrowers still prefer an in-person fence over a digital fence.

These data come from Solidifi US Inc. (Solidifi), a provider of networking services for the residential lending industry, who surveyed more than 1,000 borrowers who have refinanced or bought a home in the past two years.

While borrowers still want to close fences in person as this instills a certain level of confidence in the process, borrowers are also embracing the digital transition and want to be able to view their closing documents digitally before the closing date.

“As the consumer mortgage experience becomes more digital and we continue to see generational shifts, investments in technology coupled with in-person customer service-focused touchpoints, such as appraisal and closing, will play a crucial role in transforming the real estate experience and experience. and deliver proven performance our customers can count on, every time. ultimately determine customer satisfaction with a lender, ”said Solidifi President Loren cooke. “In fact, borrowers who have had an exceptional experience with their lender are more than twice as likely to recommend their lender, and 94% are likely to use that lender again.”

The survey also found that while baby boomers viewed home buying as a financial transaction with stability, millennials viewed home buying as a way to meet their family’s needs. and their community.

While baby boomers and millennials had different approaches to the buying process, the two groups still believe that owning a home is representative of the ‘American dream’ and represents an ‘investment in their future, stability, a place. where children can grow and thrive, and it represents the most important financial transaction of their lives.

“With our economy on demand, the ‘convenience factor’ continues to transform consumer preferences in real estate as with so many other retail services,” Cooke said. “Our survey found that convenience determines consumers’ preferences for closings, and the majority of borrowers prefer to close in an office or home rather than online. This year, 62% of borrowers said they would like mobile notaries to make closing easier, including 71% of Millennials, who were the most likely age group to prefer a mobile notary.

The survey also found that reviews continue to be an important part of the buying process. 2 out of 3 borrowers who interacted directly with reviewers indicated that they had better experiences and therefore had more confidence in their lender.

“Our survey reiterated that the caliber of the appraiser and the closing agent continues to be a key determinant of customer satisfaction and that Solidifi outperforms its competitors in customer satisfaction,” Cooke concluded. . “The professionalism of the reviewer and the closing agent, the meaningful interactions and communication make or break the consumer experience – that’s why we are focused on creating an amazing customer.

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