Fannie Mae is the latest entity which came out with a survey saying most mortgage customers don’t shop enough for the best deal. Well, in what could be described as distressing follow-up news, one in three consumers said they would be open to getting a mortgage at a place they do their food and clothes shopping at, Walmart. (Author’s note: My wife and I own stock in Walmart.)
And almost half of the respondents to a Carlisle & Gallagher Consulting Group survey said they would consider a mortgage from PayPal. The survey also found 80% would consider getting a mortgage from “a non-bank.”
Among the problems the survey found with consumers and the loan origination process−56% said slow execution is one of the most painful aspects of getting a loan; 32% said their originator was difficult to communicate with; 31% were unhappy they were unable to track the status of their application; and 26% said they received untrustworthy advice.
“Consumer attitude is driven by three things: price, service and trust. Institutions looking to gain market share must target customer values instead of traditional asset segmentation,” said Doug Hautop, senior manager and lending practice lead for Carlisle & Gallagher.