A full 80% of consumers would consider turning to a majorretailer or other non-financial institution for housing financeloans and between 33% and 48% would consider using Walmart or PayPal, according to a survey from a Charlotte, N.C., marketingfirm.
|The financial consulting group Carlisle & Gallagher surveyed618 consumers online in September of this year about their housingfinance preferences and frustrations with the current system.
|The survey found that even though consumers were generallysatisfied (81%) with their financial institutions as primarysuppliers of financial services, many were also very unhappy withthe interest rates and payments on their current loans.
|In addition, 56% said the pace of completing the mortgageapplication and underwriting process was the most painful part ofit, while 32% reported they found mortgage issuers hard tocommunicate with; 31% said they wished they could track theirmortgage application through the process and 26% said they foundtheir mortgage issuers gave them untrustworthy advice.
|“Consumer attitude is driven by three things, price, service andtrust,” said Doug Hautop, senior manager and lending practice leadfor CG. “Institutions looking to gain market share must targetcustomer values instead of traditional asset segmentation.”
|Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
