Working Toward a More Consumer-Focused Residential Lending Industry

Americans prize the ability to buy and own a home, but the journey involved with getting there tends to be quite a bit less popular. Home buyers consistently report dissatisfaction with many different aspects of the usual process, with any of a number of complaints related to taking out a mortgage often topping the charts.

As a recent update by Dustin Dimisa on Twitter makes clear, however, there are some in the residential lending industry who are not satisfied with this state of affairs, either. By seeking out ways of better connecting with and serving borrowers, some mortgage professionals are trying to make a difference.

Progress Starts With Listening, Learning, and Planning

There is still plenty of work to be done. For one thing, the residential lending industry has not traditionally tried all that hard even to understand where it was failing its clients. As a result, many who are now focused on the goal of raising the usual level of service recognize that identifying and learning about the most common obstacles and objections must be a top priority.

Fortunately, there are now many excellent tools for soliciting, acquiring, and analyzing feedback. From social media initiatives that are designed to elicit honest, unvarnished responses, to natural language processing tools that help categorize the responses that come back, making this important sort of progress has become a lot easier.

A Mortgage Lending Industry That Serves Consumers Better

Eventually, the lessons that are being learned are bound to diffuse through the industry as a whole. For now, however, it is mostly a few forward thinking lending professionals who are turning these realizations into results that actually benefit borrowers.

One prominent lender, for example, has recently launched a new online application system whose design stems from an informed understanding of the needs and desires of consumers. With a far more streamlined process making applying much easier, borrowers have lined up in unprecedented numbers to take part.

As a result, that lender has seen its volume of business double in a surprisingly short period of time. As it becomes increasingly clear that serving consumers more capably can produce such plainly desirable results, others in the industry will be sure to follow.