CHARLOTTE, N.C. – Dec. 3, 2012 – A U.S. consumer mortgage study by Carlisle & Gallagher Consulting Group focused on consumer attitudes about homeownership. The company hoped to find out what factors are considered most important in the mortgage application process, and if consumers would be willing to consider an alternate mortgage provider.
According to the 618 U.S. consumers who participated in CG’s online study in September 2012:
• 80 percent of U.S. consumers would consider a mortgage from a non-bank
• 1 in 3 consumers would consider a mortgage from Walmart
• 48 percent would consider a mortgage from PayPal
Although, consumer satisfaction with primary banks ranked high (81 percent), the study reveals frustrations with current mortgage processes that could drive consumers to alternative home loan providers.
Key areas of stress in the current mortgage process:
• High interest rates, high payments, and taxes and escrow are the top three most frustrating issues regarding consumers’ current mortgages:
• 56 percent said slow execution is one of the most painful aspects of the mortgage process
• 32 percent said communication problems
• 31 percent said an inability to track their mortgage application online
• 26 percent said untrustworthy advice
“Consumer attitude is driven by three things: price, service and trust,” says Doug Hautop, senior manager and lending practice lead for CG. “Institutions looking to gain market share must target customer values instead of traditional asset segmentation.”
© 2012 Florida Realtors®
Reprinted with permission. Florida Realtors®. All rights reserved.