Summary

In this episode of FinTech Fridays, Brian Vieaux interviews Bruce Gehrke from JD Power about the 2024 Originations Customer Satisfaction Survey. They discuss the survey methodology, shifts in consumer preferences towards personal interaction, and the importance of early engagement in the home buying process. The conversation also touches on the satisfaction levels of first-time home buyers and the role of loan officers in enhancing customer experience. Bruce dispels myths about JD Power's client relationships and emphasizes the value of data access for lenders.

Takeaways

• The JD Power survey uses independent panel providers for consumer sampling.

• Consumer preferences are shifting towards more personal interactions with lenders.

• Over 92% of borrowers now prefer some level of personal interaction in the mortgage process.

• Engaging with lenders early in the home buying process leads to higher satisfaction and loyalty.

• First-time home buyers report higher satisfaction than repeat buyers in the survey.

• The mortgage industry is adapting to higher interest rates and changing consumer expectations.

• Lenders that provide advisory support are seeing better customer satisfaction.

• JD Power clients gain access to comprehensive data and insights for performance improvement.

• The survey results reflect broader market trends and consumer needs.

• Understanding competitive context is crucial for lenders to improve their services.

Chapters

00:00 Introduction to JD Power's Survey Results

08:07 Shifts in Consumer Preferences

14:19 Industry Adaptation and Customer Experience

20:49 First-Time Home Buyers Insights