34% of potential homebuyers said they would be willing to pay a higher interest rate if it came with superior lender service, per a recent survey by Carlisle & Gallagher Consulting Group.

The most common lender complaints were:

  • slow service;
  • impossible-to-track loan status;
  • hard-to-reach  representatives; and
  • untrustworthy conduct.

Lenders say they are responding to these pleas by introducing new buyer-friendly technologies. These tools encourage greater self-service, thus avoiding the representatives. This includes allowing buyers to independently check their loan status and set alerts for low rates.

Real estate agents are still the best resource for homebuyers looking for a lender with the best customer service.

first tuesday insight

Agents: guide your buyer to local community banks and credit unions for the best service when applying for a purchase-assist loan. Local lenders offer the latest buyer technology and more. They have the most up-to-date customer service and quickest processing times.

Also, encourage buyers to shop around. A buyer is best able to gauge superior service for the type of loan they seek if they have a basis for comparison. As customer service is important, encourage buyers to go with the lender who gave them the best personalized pre-qualifying experience. Again, this is most frequently found at smaller, community banks.

Be your buyer’s advocate. Stay on top of the lender to get things done. You may be able to close the deal more quickly, which buyers will appreciate. They may even spread word of your prowess to other potential clients. Consider yourself branded and viral.

Re: Potential borrowers eager to finder lenders with superior service from the Los Angeles Times