BUFFALO, NY and NASHVILLE, Tenn.–(BUSINESS WIRE)–October 25, 2022–

The fourth annual national survey (1) commissioned by Solidifi US Inc. (“Solifi”) reaffirmed that customer experience and in-person interactions will drive future mortgage industry business. However, rising interest rates and concerns over home affordability have caused borrowers to worry about their future plans as the mortgage industry continues to slow.

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Borrowers are opening up about the mortgage experience in the Solidifi 2022 Consumer Mortgage Experience Survey. (Graphic: Business Wire)

“Customer experience is key to winning future business, and the mortgage process can be a gateway for lenders to build customer loyalty,” said Solidifi President Loren Cooke. “In fact, 96% of very satisfied borrowers were very likely to use their lender again, and 72% were likely to recommend their lender. In today’s market, good experiences and relationships were four times more likely than interest rates to generate repeat business with a lender. The results showed that good relationships and experiences not only build trust, but also loyalty to lenders, which equates to future business. »

The new Solidifi 2022 survey on owners’ future plans (2) revealed that the majority of homeowners intend to purchase, refinance or take out a home equity line of credit (“HELOC”) within the next three to five years. And more than half of all survey respondents want to invest in their future by buying an investment property or vacation home. But there are headwinds to their plans as interest rates are at or near the ceiling for most US consumers. “Our survey has shown that the current pricing environment has put pressure on owners’ upcoming plans. However, the survey found that life events like caring for an aging parent, education costs and marriage will continue to influence mortgage decisions,” Cooke added.

Home improvements also guide borrowing decisions. Nearly half of homeowners would refinance to pay for home renovations, and 75% of respondents cited home renovations as the number one reason for getting a home equity loan or line of credit. The survey found that homeowners are more likely to borrow for large investments that add significant value to their home: 81% want to renovate a kitchen or bathroom, 38% want to add a living space or office at home and 21% want a swimming pool.

The Solidifi 2022 Consumer Mortgage Experience Survey surveyed more than 1,000 residential borrowers ages 18 or older in the United States who have refinanced or purchased a home in the past two years to assess two of the most critical touch points of the mortgage transaction: valuation and closing experiences. The survey looked in detail at the borrower’s experience, from what motivates their decision-making to how their satisfaction translates into future business. The results confirmed findings from the past three years and revealed exciting synergies across all transaction types on how our industry can better serve consumers and win business in the future.

“The results of this year’s survey reaffirmed that borrowers continue to value face-to-face interactions for assessments and closings. People have a better experience when interacting with the appraiser and closing agent. As digital becomes more of a part of the closing experience, the process itself becomes more – not less – personal,” Cooke said.

Borrowers continue to want in-person closings for better communication and increased trust. In fact, 81% said face-to-face is the ideal way to conclude, with 60% preferring a paper-based process, 15% preferring in person with fully electronic documents (“in-person electronic notary” or “IPEN”) , and 25% preferring a hybrid in-person process of paper and electronic documents. Results continued to reveal that most borrowers use and prefer pre-closing digital tools for document review, with millennials preferring an in-person digital closing. Consistent with previous findings, face-to-face interactions were also preferred for home equity loans and HELOC closings. While most borrowers concluded their purchase transactions in the office of the title agent, 71% indicated that they preferred a mobile notary for their refinance transaction, and more than half for the transactions of purchase.

“Consumers want more closure options and flexibility, and as an industry we still have work to do to educate consumers about the options available to them,” Cooke said. “But however the closing is conducted, the experience must be flawless.”

“Our survey confirmed that good communication and trusted agents are key to a great closing experience,” Cooke concluded. “Borrowers rely on trusted partners to guide them through the transaction process – which is why we continue to focus on creating an extraordinary experience through our network of trusted appraisers and notaries who meet and exceed consumer expectations, every time. In fact, 95% of those who used Solidifi were satisfied with the review process, and those who closed with Solidifi were unanimously satisfied with the closing process. »

To download the full survey results, visit: go.solidifi.com/2022mortgageexperiencesurvey.

[1]

In the Solidifi 2022 Consumer Mortgage Experience Survey, Market Street Research surveyed more than 1,000 residential borrowers ages 18 or older in the United States who have refinanced or purchased a home in the past two years. Panelists included an equal mix of those who bought a home or refinanced a mortgage in the past year and a mix of those who closed a year or two ago.

[2]

In the Solidifi 2022 Future Plans of Homeowners Survey, Market Street Research surveyed more than 500 residential borrowers aged 18 or older in the United States who took out a new mortgage, refinanced an existing property, borrowed against their home through a home equity loan or HELOC with a representative mix of those who closed in the last year, between one and two years ago and those who closed more than two years ago.

Both surveys were conducted using Snap Surveys and the panels were from Dynata. Fielding was executed in July 2022.

About Solidifi

Solidifi is a leading network management service provider for the residential lending industry. Our platform combines proprietary technology and networking capabilities with tens of thousands of independent qualified field professionals to create an efficient marketplace for the provision of mortgage loan services. We are a leading independent provider of residential real estate appraisals and title services. Our clients include the top 100 mortgage lenders in the United States. Solidifi is a wholly owned subsidiary of Real Matters Inc. (TSX: REAL). Visit www.solidifi.com for more information and stay connected with our latest news on LinkedIn.

Solidifi and the Solidifi logo are trademarks of Real Matters Inc. and/or its subsidiaries. All other trademarks are the property of their respective owners.

Show source version on businesswire.com:https://www.businesswire.com/news/home/20221025006016/en/

CONTACT: Jennie Craig

Vice President, Marketing

[email protected]

832.236.3392

KEYWORD: NEW YORK TENNESSEE UNITED STATES NORTH AMERICA

SECTOR KEYWORD: FINANCE BANKING PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE CONSTRUCTION & REAL ESTATE

SOURCE: Solidifi

Copyright BusinessWire 2022.

PUBLISHED: 10/25/2022 2:52 PM / DISK: 10/25/2022 2:52 PM

http://www.businesswire.com/news/home/20221025006016/en