Last year HousingWire reported that, while mortgage originations rose 54 percent between the first and second quarters, on a 1,000-point scale overall borrower satisfaction fell from 869 to 853. Realizing that this year’s historic surge in volume would likely widen that gap, WFG Lender Services and WEST, WFG’s technological division, created a new web-based platform to address the problem.
The problem, the process WFG took to meet the challenge, and the solution it developed in response are laid out in a new article on MBA’s NewsLink website.
“The Key to Lender Success: Borrower Satisfaction,” explains that after conducting its own research by surveying its clients, WFG Lender Services found that “lenders don’t have the staff to keep up, but are stretching to increase their capacity.”
Released earlier this month, MyHome Exchange delivers help. By providing each borrower with a unique, secure online repository for information and documentation, “lenders and their settlement services partners efficiently gather and process all of the information required to keep the loan moving smoothly to close and still keep borrowers in the loop.”