Mortgage companies have an obligation. Well, we have plenty of obligations. The customer however, is the primary obligation. Mortgage transactions are highly technical, require a few weeks to complete, and are encompassed by the fact for the customer, this is one of the most emotional 30-days one can experience. Ensuring our customers walk away with a strong sense of satisfaction is a commitment Apex pursues daily through continuous improvement in its operations. “Continuous improvement” is such a key practice of ours, it’s one of our core values.
So what does customer satisfaction look like? We did some due diligence, and through independent research studies we found three key issues that created minimal scores in customer surveys of lenders. When learning about these issues, we had to smile, because we already knew that preventing these issues is engrained in our core values and business model. Let’s take a look at what mortgage shoppers should keep in mind!
Thirty percent of poor surveys were a result of being asked for the same document multiple times. That sounds frustrating because naturally no one likes extra work. It’s a little worse though. There are two problems with this. One, this screams of poor team collaboration on the lender’s side. Two, where was the document to begin with? We handle sensitive financial information. If the loan officer had it, and the processor never got it, what did the loan officer do with it?
Let’s look at the Apex experience from a borrower’s standpoint. Our application software permits you to securely upload your documents to our loan hub, at which point your loan officer, and processor are notified simultaneously. This means when you give your loan officer a document, you also give it to your processor. So when he or she picks up the file there’s no need to circle back to you for the same document. The notifications are given, and the secure portal is there to be reviewed. This part of the Apex Experience ensures documents aren’t misplaced, they’re properly placed.
What other issue came up 30% of the time? Problems not being solved! This begs the question, how does one even get to the closing table without solving the problem within the loan? Well, they just don’t. The loan dies with your earnest money deposit in jeopardy, your 30-day notice to your leasing office now forcing you into temporary homelessness (do you get along with your in-laws??), and roughly $1,000 lost to an appraisal and home inspection for a property you don’t even know why you can’t buy. This problem that came up 30% of the time, is 100% of the time a major problem for the home buyer.
What does Apex do about it? We create a culture around the customer. One of our core values is “Memorable customer experiences.” When your core value is geared toward making the customer walk away smiling with comfort from their financial transaction, problems that arise don’t go unresolved – they get addressed as a matter of company expectations.
Ok, the time has come. You spent 30-60 days looking for a home, your offer was rejected twice for others, and now you have nightmares about being stuck in your apartment another year. Now you daydream about your future living room, kitchen, man cave (can we bring back studies?), when you receive the news your offer finally got accepted. The mortgage transaction got underway and you were all in, working all day, packing all night, signing documents, calling utility companies, and closing is in two days – but it’s not. You find out at the 11th hour the lender simply couldn’t close your loan. You missed that closing date, the movers had to be rescheduled, you took off work for no reason and now have to go in, request a new day off, and all the excitement just flew up and away like a balloon losing its air.
This certainly doesn’t create a “memorable customer experience,” and it also doesn’t reinforce things such as honesty, accountability, and transparency. Oh, by the way, those three qualities happen to comprise another one of Apex’s core values. We believe in holding our promise to get you to the finish line as intended. From loan officer to post-closer, and all the operations staff in between, Apex understands meeting a closing date isn’t just a goal, it’s an expectation.
The main takeaway here is simple – Apex delivers a process committed to customer satisfaction. We treat every transaction as a way to create a “memorable customer experience” through “accountability, transparency, and honesty.” Our software systems are designed to make home buyers feel educated and comfortable. Our open lines of communication keep the Apex team operating as a well-oiled machine so customers can walk away homeowners smiling, and leaving great surveys with positive feedback. Are you looking for a mortgage? Don’t take my word for it, take everyone else’s!