SAN FRANCISCO–(BUSINESS WIRE)–Snapdocs, the mortgage industry’s leading digital closing platform, today announced its collaboration with mortgage advisory firm STRATMOR Group to provide lenders with new research about borrower experience. The research will include quarterly borrower panel surveys to benchmark industry performance and highlight the most critical opportunities to improve the borrower experience across the mortgage transaction. Snapdocs and STRATMOR will also work with lenders to complete a personalized assessment of their borrower experience and develop a data-driven, actionable improvement plan.
“In a purchase market with rising mortgage interest rates and increasing regulatory compliance oversight, lenders who are laser-focused on providing an exceptional customer experience as a distinguishing and defining characteristic of their value proposition will grow faster, protect their margins and gain market share,” said Mike Seminari, Director of Customer Experience at STRATMOR Group. “We’re excited to collaborate with Snapdocs on this important body of research. We expect the findings to further inform and enable lenders to improve their borrower experience.”
Combining Snapdocs’ expertise in digital mortgage closings with STRATMOR’s continued research on borrower experience, the firms recently surveyed the first panel of 2,000 borrowers to uncover new insights about borrower satisfaction and pain points across the entire mortgage transaction. This initial survey found that:
1 in 5 borrowers experienced an issue with their mortgage process, causing a 16-point drop in Net Promoter Score (NPS);
1 in 8 purchase borrowers did not close in the expected timeframe, with 47% of those borrowers referencing a closing-related issue; and
Closing delays caused by closing document errors resulted in the second-largest drop in borrower experience with a 64-point drop in NPS.
Looking ahead to late 2022, Snapdocs and STRATMOR will publish an in-depth industry report that aggregates and analyzes the survey findings and will offer recommendations on how to improve the borrower experience. Snapdocs, with participation from STRATMOR, will also offer a complimentary tailored assessment for lenders to evaluate their borrower experience against industry benchmarks and receive a clear roadmap on how they can improve.
“The mortgage industry has made great strides in improving the borrower experience, but there is still work to be done to improve it throughout the entire transaction, including closings,” said Todd Maki, Vice President of Business Development & Partnerships at Snapdocs. “Our work with the leading mortgage industry advisory firm aims to bring new research and benchmarking data that equips lenders to deliver a better experience for every borrower.”
To receive findings from upcoming consumer panel surveys or complete a complimentary lender assessment, please visit https://www.snapdocs.com/borrower-experience.
Snapdocs is the mortgage industry’s leading digital closing platform. Powering millions of closings each year, Snapdocs combines an open platform, patented AI technology, the largest settlement network, and a team of industry experts to ensure digital closing success. Our proven approach enables market-leading lenders and title companies to automate the closing process and turn it into a competitive advantage. Using Snapdocs, lenders and title companies close more loans at lower costs while delivering the modern, referral-worthy digital experience borrowers expect. For more information, please visit www.snapdocs.com.
About STRATMOR Group
STRATMOR Group is a leading mortgage industry advisory firm that provides a range of programs and services designed to counsel lender CEOs and senior executives. STRATMOR serves more than 250 companies annually, providing strategies that increase growth and improve profitability in sales, marketing, technology, operations and mergers and acquisitions. The company leverages comprehensive, proprietary data and key insights gained through extensive experience in the mortgage industry. STRATMOR is well known for its financial models and its collaboration with the Mortgage Bankers Association in the PGR: MBA and STRATMOR Peer Group Roundtables Program. Find out more about STRATMOR on its website at www.stratmorgroup.com.