U.S. Mortgage Lending: Strategies to Gain Share in The New Normal - A CG study finds banks are missing an opportunity to increase their mortgage ...
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U.S. Mortgage Lending: Strategies to Gain Share in The New Normal A CG study finds banks are missing an opportunity to increase their mortgage business by 79% with their current customers INSPIRED TO HELP YOU SUCCEED
Table of Contents Introduction.......................................................................................................................................................................... 3 The Mortgage Market Outlook ........................................................................................................................................ 4 Understanding How Consumers Think About the Mortgage Application Process................................................. 5 Challenges and Demands in The New Normal.......................................................................................................... …8 Why Primary Banks Are Not Capturing Market Share................................................................................................. 9 Let the Voice of the Customer Be Your Guide............................................................................................................. 10 Four Key Strategies to Gain Share in The New Normal ............................................................................................ 13 Summary.............................................................................................................................................................................14 Research Methodology and Demographics ................................................................................................................ 15 U.S. Mortgage Lending: Strategies to Gain Share in the New Normal | © Carlisle & Gallagher Consulting Group. All Rights Reserved.
Introduction What is The New Normal? “The New Normal,” is a term that William H. Gross coined in 2009 to define the economic landscape After four solid years of scrutiny and heavy gov- for years, or decades, to come. Gross told Forbes ernance by external third parties, the new state of Magazine that our future will likely include a lowered the lending industry is about continuing organic living standard, high unemployment, stagnant corporate profits, heavy government intervention in customer growth while managing an increasingly the economy, and disappointing equity returns. complex set of credit and compliance risks. “When we apply this definition of The New Normal to mortgage and consumer lenders, a group that is ”But at the end of the day, acquiring new customers, consumed with unprecedented challenges since the providing good customer service, and retaining those foreclosure and loan modification crisis, we see a customers is still the most important thing lenders do fundamental change taking place right now,” says Tom every day,“ CEB TowerGroup senior research director Mataconis, vice president of consulting and practice Craig Focardi. services, Carlisle & Gallagher Consulting Group (CG). The question is: Are lenders too busy recovering “There is a power shift from banks to customers, who from being battered in the U.S. housing bust and are demanding choices and more transparency into the subsequent financial crisis to retain and deepen mortgage application process. This shift makes it nearly existing customer relationships? impossible for lenders to sustain differentiation based solely on price or product. Trust and customer service This factoid may provide the answer: People are are the key differentiators that will allow banks to gain so frustrated with their banks that they would consider market share in The New Normal.” going to Walmart (NYSE: WMT) for a mortgage if they could. The majority of these customers do not In CG’s work with 5 of the top 8 lenders in the U.S., have their mortgage with their primary bank. Banks there has been an urgent need to help them address are missing an opportunity to increase their mortgage critical industry mandates and build new capabilities business by 79% with their current customers. These to achieve operational excellence. What has not been are three key findings of the “U.S. Mortgage Lending: addressed is how these big U.S. banks can leverage Strategies to Gain Share in The New Normal” study, their investment in regulatory responses to tackle conducted by Carlisle & Gallagher Consulting Group customer dissatisfaction and gain market share in (CG, www.carlisleandgallagher.com), a management The New Normal. and technology consulting firm serving the financial The New Normal brings implications for lender services industry. strategies and technology investment, how you run CG surveyed 618 U.S. consumers online in September a business, and what you offer your customers. 2012 to gain better insight into the voice of the These challenges include: customer and provide strategic direction to its clients. • Scattered intellectual capital inside lending Our survey sought to answer: institutions due to competing priorities • What is the current view toward home ownership? • High purchase and refinance demand driven • How have recent changes in the mortgage industry by record low rates and government assistance impacted the application experience? programs that have led to elongated cycle times and • What factors are most important in the customer dissatisfaction mortgage process? • Increased regulatory compliance, designed to • Would customers be willing to pay more for a protect consumers and stabilize the financial mortgage? system, is further complicating lending business and • Would consumers be willing to consider an technology operations alternate mortgage provider? • What do primary banks need to do to add market share? 3 U.S. Mortgage Lending: Strategies to Gain Share in the New Normal | © Carlisle & Gallagher Consulting Group. All Rights Reserved.
The Mortgage Market Outlook Study Results at a Glance CG’s study shows that homeownership confidence is high — with 90% of respondents expecting their • Half of U.S. homeowners expect their home homes to maintain value or grow significantly over to grow and deliver significant value time (see Figure 1), and 1 in 5 consumers expecting to purchase a home in the next 3 years. • One-third of consumers are willing to pay more for a mortgage if it comes with superior Validating CG’s findings, the Fannie Mae National customer service Housing Survey of October 2012 shows similar numbers, with 72% of respondents saying it is a • Primary banks are missing an opportunity to good time to buy a home. Additionally, the Fannie increase their mortgage business by 79% Mae “Own-Rent Analysis” reported that the 2011 with their captive customers National Housing Survey shows that homeownership • 1 in 3 consumers would consider a mortgage still appeals to the majority of Americans, with 85% from Walmart of respondents saying owning makes more sense than renting financially over the long term and 64% • 80% of consumers would consider saying that, if they were going to move, they would a non-bank for their next mortgage buy a home. According to MBA Mortgage Finance, mortgage originations are forecasted to contract in 2013. Refinance volume will decrease from 68% of total originations to just 40%. Purchase volume is forecasted to increase, making up 60% of total originations. When we compare CG’s study data with MBA Mortgage Finance volume data it is clear that the pipeline is in the process of shifting away from refinancing of existing homes toward the purchase of new homes. Home Ownership Confidence is High Expected Financial Return on Home Figure 1 Q12: Which of the following best describes your expected financial return on your home? 4 U.S. Mortgage Lending: Strategies to Gain Share in the New Normal | © Carlisle & Gallagher Consulting Group. All Rights Reserved.
Understanding How Consumers Think About percentage rate (APR), and maintaining a variety of the Mortgage Application Process product offerings. Clearly, buying a home is still a pillar of the American The CG study also found that there is a distinct group dream. But how do consumers approach the of customers who value service and relationships, mortgage application process? And how do they and are willing to pay more for it. Thirty-four percent decide who to work with? of consumers (referred to as the “Pay More” group) are willing to hand over more money for a mortgage CG’s survey shows that cost, trust in the financial if it comes with superior customer service. Fifty-two institution, and quality customer service are the percent of these respondents are willing to pay a top three most important factors in the mortgage premium to complete the mortgage process more application process (see Figure 2). In fact, cost easily. And, 39% of Pay More respondents are willing remains king for new mortgages and refinancing with to pony up to use their primary bank. See Figure 3. 84% of respondents rating cost as the number one most important factor in the mortgage process. Convenience, access, advisory, trust, speed, and predictability come into play with many applicants; A Forrester Research report, “What Drives Retention however with the Pay More group these elements are and Sales in U.S. Banking,” found similar factors that more prevalent. This group tends to value customer drive customer acquisition and retention. Among relationships and wants to be treated as preferred all factors that drive acquisition and retention, customers. It’s also interesting to note that the trustworthiness came out on top, followed by low (or demographics of the Pay More group shift toward the no) fees, customer service, good mobile and online younger millennial segment and are not biased toward banking service, and generous rewards. Lower on the income levels. scale was having many locations, offering a low annual Most Important Factors in the Mortgage Selection & Application Process Figure 2 Q39: Which of the following factors are most important in the mortgage application process? Choose up to five. 5 U.S. Mortgage Lending: Strategies to Gain Share in the New Normal | © Carlisle & Gallagher Consulting Group. All Rights Reserved.
34% of Respondents Will Pay More for Most Painful Issues Superior Customer Service Mortgage Application Process • High Cost: 66% • Slow Execution: 56% • Difficult Communication: 32% • Unable to Track Application Status: 31% • Untrustworthy Advice: 26% Figure 4 Q41: Which of the following factors are considered to be the most painful aspects in the mortgage application process? Choose up to five. Banks Beware CG’s study uncovers an increasing demand for alternative lenders: Figure 3 • 80% of U.S. consumers would consider a mortgage from a non-bank Q49: Are you willing to pay more for a mortgage product if it comes with superior customer service? • 1 in 3 consumers would consider a mortgage from Walmart Consumer Frustrations with the Mortgage Process • 48% would consider a mortgage from PayPal We’ve established that a) consumer demand for homeownership is strong and b) they have distinct opinions regarding what’s important during the Shifting Customer Service Expectations mortgage selection and application process. Now the question becomes: who can deliver what they want? Let’s look more closely at customer service. While the speed of execution (or lack thereof) causes consumers CG’s study shows that consumers want choices from the most pain when it comes to customer service, alternative lenders. Why? It comes as no surprise communication challenges also make consumers to learn that, given the recent mortgage mess, gnash their teeth. In fact, in CG’s survey “difficult consumers have a trust issue with big banks (See to communicate with” was the #2 customer service “Banks Beware” sidebar). Twenty-six percent of our complaint. Add complexity of products (27%) and survey respondents cited untrustworthy advice as a difficulty completing the application requirements painful aspect of the mortgage application process. (28%) as painful aspects of the mortgage application But their issue with banks goes beyond trust. Our process to the mix and there could be more trouble survey indicates that the following factors are also from a communication standpoint. considered to be painful parts of the mortgage So, what changes would consumers like to see? application process for consumers: cost, slow Here’s how it shakes out: execution, difficult communication, and inability to track the application status (see Figure 4). • Direct access: When we asked customers how they would prefer to interact with their lender during the mortgage application process, 69% said they want 6 U.S. Mortgage Lending: Strategies to Gain Share in the New Normal | © Carlisle & Gallagher Consulting Group. All Rights Reserved.
direct access to a mortgage representative. CG Recommendation This need for direct access comes as no surprise since 53% of the respondents in CG’s survey view To improve customer retention, don’t forget bank homeownership as their most important financial branches and call centers. The banks that will investment. win at customer retention and acquisition will be • Multiple channels: Direct access is only part of those that have realigned resources to master the story. Customers also want multi-channel the channel game, recognizing that new digital communication that is personalized, supplies real channels are complementary and not a replace- time data, gives them instructions, and provides ment for older contact points. status updates on the mortgage application process. To meet the need, Gina Sverdlov, a Forrester Research analyst suggests banks keep one foot firmly planted in the future and one in the past, forging a cross-channel Case in Point: USAA Multi-Channel Initiative sales and service culture that can equally swing Retains Customers between mobile, web, and more traditional venues USAA, an institution that focuses heavily on mili- such as phone calls. tary personnel and their families, has embarked Yes, phone calls. According to Sverdlov, phones on a number of new channel initiatives, including are still a primary means of connecting with banks, video access to customer service from remote even for customers who are tech savvy. “There’s been a lot of attention placed on mobile and online locations and low bandwidth web banking for channels. While that’s important, markets should not military members that are stationed overseas. forget offline channels,” Sverdlov says, adding that The institution is also developing voice recogni- nearly a third of U.S. adults who are active online still tion technology. Called Nina, the voice recogni- use traditional channels such as phone calls when attempting to solve a service problem with their bank. tion is similar to Apple’s Siri: users make a vocal request through the app, which is processed • Consistency across channels: Customers expect by Nuance. Nuance’s natural language software the same level of personalization, intelligent advice, and product recommendations from digital banking processes the requests, then sends a response to channels as they’ve come to expect from their the mobile application. favorite branch associate, according to Devon Additionally, USAA is expanding its network of Kinkead, CEO of Micronotes, a digital marketing financial centers that include two-way video and company that provides tools and technologies to other technology that connects the institution’s financial institutions. CG’s study supports this notion. People know what good salespersonship looks like in members to customer service. “We find the the physical world. “If you are an existing customer, more [members] take advantage of these tools, the salesperson comes to the meeting having the more they want to keep doing business with looked at your accounts and given some thought us,” says Wayne Peacock, executive vice presi- to what questions to ask,” said Kinkead. “Then the dent of member experience at USAA. salesperson asks you a few questions and formulates options, from which you may choose, and helps you implement that solution. It’s intelligent, it’s personal, and it works. As customers continue to flock to the digital banking channels, they will expect this same level of service.” 7 U.S. Mortgage Lending: Strategies to Gain Share in the New Normal | © Carlisle & Gallagher Consulting Group. All Rights Reserved.
Challenges and Demands in the New Normal Mortgage demand is presenting major challenges for U.S. banks, who are frustrating customers with CG Recommendation increased mortgage processing timelines, according to CEB TowerGroup analyst. Although these big U.S. Leverage your investment in regulatory response banks are hiring mortgage bankers by the thousands to address the customer needs. Instead of sim- to meet the surge in demand for originating home ply meeting the mandated terms, listen to what loans and refinancing, they are still struggling to your customers are asking for and give them process applications and communicate with customers what they want while leveraging the funding in a timely manner. What used to be a 30 to 60 day for addressing regulatory change. Delight your process has stretched to 90 days or more. Why? customers with faster execution to close mort- There are five other key problem areas: gages, improved and proactive communication, 1. Scattered intellectual capital across key and and the ability to track the status of their ancillary functions. Given banks’ competing mortgage application. priorities, they are conflicted about where to focus their human resources. For instance, banks are grappling to address the shift of key resources from 3. Lack of process standardization. Rapid regulatory originations to servicing. change and dramatically altered product options 2. V olume demand variability (i.e. increased have led to fragmented processes or antiquated capacity). Many lenders are still trapped in a fixed resource support. Models also have a downstream cost infrastructure in the face of highly variable effect on abilities to report accurately, efficiently, industry dynamics. Whether programs (i.e. HARP and completely. 2.0) or other refinance options, lenders also face 4. Lack of technology investment. With inadequate increasing government incentive / scrutiny to time for technology implementations, banks are elevate volumes to levels unsupportable by current utilizing low cost, minimally skilled labor to execute operational models. This can lead to: increased critical functions (aka ‘brute force’). origination costs and cycle times, process quality deterioration, and service level goal misalignment. 5. Shifting customer expectations. Customers are demanding more transparency in the process. They expect multi-channel communication to Reality Check supply real time data, instruction, and status. What Mortgage Customers Want ”There is a shift into what customers want. They’ve moved away from wanting more complex products into more fixed interest rates and defined terms.“ Doug Hautop Lending Practice Leader Carlisle & Gallagher Consulting Group As seen on CNBC The Closing Bell – Walmart/PayPal Mortgages – December 7, 2012 8 U.S. Mortgage Lending: Strategies to Gain Share in the New Normal | © Carlisle & Gallagher Consulting Group. All Rights Reserved.
Why Primary Banks Are Not Capturing CG’s study results reveal why: Market Share • 75% of customers do not have a specific person Eighty-one percent of survey respondents have at their bank that they seek out for guidance and strong satisfaction levels with their primary bank assistance, according to CG’s study. Banks have (the bank with which they do the majority of their worked to remove the 1:1 relationship in the name of business), but only 39% have their mortgage with speed and cost, but in doing so they have removed their primary bank. the sense of community and trust. This has also led banks to rely on technology to mine customer data What’s striking is this fact: 70% of respondents instead of allowing sales people to make connections would prefer to have their mortgages with their and incubate customer relationships. primary bank. • Customers have a low level of satisfaction with their The big takeway? Primary banks are missing an primary bank’s costs and products and services as opportunity to increase their mortgage business by seen in Figures 4 and 7. People seek competitive 79% with their current customers. See Figure 5. interest rates. Often times when they call their primary bank to lock in on a great rate, the call center Primary Banks Are Missing Their Fair Share is not able to provide the rate the customer wants. of the Mortgage Market • Customer service — an area where banks can differentiate — ranks lower on the list of primary banks’ features (see Figure 7). Customers want, but are not getting, direct access to a mortgage representative, multi-channel communication that is personalized, and consistency across channels. Most Customers Have a High Degree of Satisfaction with their Primary Bank Figure 5 Q53: Would you prefer to have your mortgage with one of your major banks? CG Recommendation Customers want the stability and trust factor of their large primary bank, but will only be retained if that bank provides a customized service. This simplistic customization is based on where they Figure 6 fall on the continuum of cost, trust, and service. Q39: What is your degree of satisfaction with your primary bank? See page 13 for tactics you can employ to make it easy for customers to do business with you. 9 U.S. Mortgage Lending: Strategies to Gain Share in the New Normal | © Carlisle & Gallagher Consulting Group. All Rights Reserved.
What is your degree of satisfaction with you primary bank? CG Recommendation Banks have the data to know and understand their customers. Use it to deepen customer relationships and talk to customers before they start shopping for their next mortgage. advisor/sales person, and prefer to be treated as a unique customer. 44% of Bond Builders are willing to pay more for superior customer service. 3. Planners: Consumers who want to understand Figure 7 expectations and requirements for the closing Q34: For your primary bank, please rate your level of satisfaction process, prefer simple mortgage products, and want with each of the following (1- no satisfaction at all, 5- highest satisfaction ease in completing the mortgage application. 50% of Planners are willing to pay more for superior customer service. Let the Voice of the Customer Be Your Guide CG’s study uncovered a crucial action item for banks: Each profile has different priorities for what they value target customers based on what they value in the in the mortgage process as seen in Figure 9. mortgage process vs. using traditional bank-defined For all three segments, cost remains king when it segments of asset or relationship level. This new comes to new mortgages and refinancing, but CG’s approach is critical to the success of banks that seek study shows that it’s a lot more complicated than just to capture their share of mortgage business in The low interest rates. “You cannot just segment your New Normal. customers based on your data models and throw Let’s turn to what revised segmentation might price at them,” said CG’s lending practice leader look like… Doug Hautop. “To grow share, you must segment your customers by the way they see themselves and the CG’s study found three distinct profiles of consumers way they want to interact with you — and then price who value customer service and trusted relationships and service them appropriately.” — and are willing to pay for it: Cost Conscious, Bond Builders, and Planners (see Figure 8). 1. Cost Conscious: Consumers who place the most importance on cost, the time-to-close factor, and the simplicity of completing the mortgage application. 27% of Cost Conscious consumers are willing to pay more for superior customer service. 2. B ond Builders: Consumers who value trust in their financial institution and trust in their mortgage 10 U.S. Mortgage Lending: Strategies to Gain Share in the New Normal | © Carlisle & Gallagher Consulting Group. All Rights Reserved.
Our Analysis Found Distinct Profiles for Mortgage Preferences Cost Conscious Bond Builders Planners Figure 8 11 U.S. Mortgage Lending: Strategies to Gain Share in the New Normal | © Carlisle & Gallagher Consulting Group. All Rights Reserved.
Each Segment Has Different Priorities for What They Value in the Mortgage Application Process Figure 9 Q39: Which of the following factors are most important in the mortgage application process? Choose up to five. CG Recommendation Focus on the Cost Conscious, Bond Builder, and Planner market segments as defined by consumer value to match your target market. Segmentation strategies of the past (i.e. relationship-based segmentation or asset-based segmentation) will not allow lenders to personalize offerings to the level required to retain and deepen customer relationships. Don’t leave market share and margin on the table. 12 U.S. Mortgage Lending: Strategies to Gain Share in the New Normal | © Carlisle & Gallagher Consulting Group. All Rights Reserved.
Four Key Strategies to Gain Share in The New Normal CG’s research echoes much of what we have seen in our consulting work. Based on the research data and our experience in consulting with the top U.S. lenders, we believe there is significant opportunity for firms to acquire and retain mortgage customers. But, with globalization and the Internet providing nearly unlimited choices, power has shifted from banks to customers. Let there be no doubt: the customer is now calling the shots. So what should lenders do come Monday morning? Here are four CG recommendations for banks to gain share in The New Normal: 1. Focus on Cost Conscious, Bond Builder, and Planner Market Segments The contraction in the market, combined with Let your customers have it their way. While cost an increase in purchase volume, is forcing banks is very important, you don’t need to be bottom of to realign resources. Many resources that are the barrel on pricing. A third of survey respondents knowledgeable in purchase originations are now are willing to pay more money for trustworthy working in refinance or default servicing. They advice, speed, relationships, and the right products. need to understand the requirements when Our study identified three distinct segments of moving from refinance/MHA to full document consumers who value customer service and trusted purchase loans. These loans, which require relationships and are willing to pay for it: Cost multiple third party integration points and heavier Conscious, Bond Builders, Planners (see Figure 8). communication routines, move faster and involve CG advises mortgage firms to target customers more people. Missing the closing date has more dire and customize their service offerings based on consequences. what they value in the mortgage process — rather than by traditional bank-defined segments of asset To increase loan applications and improve or relationship level. This is the key to success in pull through, lenders must align resources for acquiring and retaining mortgage customers while cross-channel sales and service according to optimizing your margins. customer preferences. Customers expect the same level of personalization, advice, and product 2. Realign Resources and Streamline Operations in recommendations whether they contact a lender at The New Normal a branch, on the phone, through email, via a mobile Historically low rates created a massive refinance application, or online. volume that lenders were not staffed to support. This led to elongated cycle times and broken Defining and executing repeatable processes and communications, creating customer dissatisfaction. procedures that are consistent with and support Our study shows that the most painful aspects of your firm’s vision, direction, and policies will improve the mortgage application process from a customer operational efficiency and shorten cycle times, service perspective are slow speed of execution delighting your customers. followed by difficult communication (see Figure 4). 13 U.S. Mortgage Lending: Strategies to Gain Share in the New Normal | © Carlisle & Gallagher Consulting Group. All Rights Reserved.
CG believes the door to market share is open for those 4. Leverage the Investment in Regulatory Response banks who invest in retraining and hiring in the areas to Address the Voice of the Customer of sales and fulfillment, and invest in high-quality While complying with regulations is a necessary processes and effective loan procedures. In parallel, CG evil, CG’s study proved that it is not necessarily recommends exploring outsourcing or other alternate helping banks please their customers. Seventy- processing models of non-core lending functions seven percent of survey respondents believe that to allow banks to maximize their ability to meet the regulatory changes will have a worse or no impact lending demand. Additionally, the ever-evolving loan on the mortgage process. CG believes that banks servicing process model now features non-linear have an opportunity to address the issues of cost, components, not unlike the loan fulfillment side of complexity, transparency, and traceability while the equation. Market leaders will find a way to best complying with regulations. leverage common technology to bridge the two core Instead of simply meeting the mandated terms, functions when applicable; cost savings and human listen to what your customers are asking for and capital concentration in core lending functions will be give them what they want while leveraging the the result. funding for addressing regulatory change. For 3. C apitalize on Market Share Opportunities for example, banks will be required to comply with the Primary Banking Customers Consumer Financial Protection Bureau’s (CFPB) Our study shows that most customers have strong new Qualified Mortgage regulations, giving them an satisfaction levels with their primary bank, and opportunity to improve on technology and process would prefer to have their mortgages with their points while they are already under the hood. primary bank. Yet, surprisingly, most customers do not have their mortgage with their primary bank. Summary CG believes that banks can increase their mortgage Current mortgage loan profitability is obscuring business with their current customers by simply and delaying the necessary process and technology making it easy for customers to do business with changes needed to maintain revenue and margin them. A few tactics to employ include: levels at banks. With the decrease in application • Using technology investments to provide volume forecasted in 2013 and the shift to a purchase mobile data capture capabilities, thereby money market, banks will have no choice but to retain making document-gathering less intrusive and grow their current customer base to remain competitive. • Mining data on existing customers and cross-selling targeted mortgage service In The New Normal, there is a fundamental power shift offerings to them based on what they value from banks to customers. CG believes that banks that in the mortgage process embrace this change and take the necessary time to • Driving customers toward the distribution listen to their customers’ wants and needs will not channel they prefer be caught off guard with surprises. We also strongly believe that this shift makes it nearly impossible • Beating brokers to the punch, proactively talking to for lenders to compete only on price and product. customers about their next mortgage before they Lenders who focus on trust and customer service as express interest differentiators will gain market share. • Utilizing online and mobile technologies to allow customers to track the status of their mortgage applications • Communicating proactively with customers during the mortgage application process • Providing customers with direct access to a mortgage representative to improve communications 14 U.S. Mortgage Lending: Strategies to Gain Share in the New Normal | © Carlisle & Gallagher Consulting Group. All Rights Reserved.
Research Methodology and Demographics Nearly half of the respondents have a household income of $100,000 to $249,999. The study targeted 50% of CG conducted a 58-question online survey with respondents to have household income over $100,000 618 consumers who reside in the United States. and no more than 25% below $50,000. Participants The survey was conducted in September 2012, were recruited from an online research panel and were and the responses were tabulated and analyzed required to be over 18 years of age. There was an even shortly thereafter. The number of people surveyed distribution of respondents across age segments. is highly representative of the U.S. population and is statistically valid. Household Income Age Distribution Overall mix of respondents reflects Even distribution of respondents a higher income base across age segments Figure 10 Figure 11 Q7. What is your household income? Q6. In what age group are you? Last Applied for Mortgage 52% of respondents have purchased a new house or refinanced their home since 2010 Figure 12 Q3b: When did you last apply for a mortgage? 15 U.S. Mortgage Lending: Strategies to Gain Share in the New Normal | © Carlisle & Gallagher Consulting Group. All Rights Reserved.
Sources 1. Wal-Mart Would Love To Have A Banking License, But It Doesn’t Necessarily Need One, International Business Times, December 5, 2012, http://www.ibtimes.co.uk/articles/411651/20121205/wal-mart-mortgages-banking-debit-cards- wal-mart-canada-financial-services.htm#href=http%3A%2F%2Fwww.ibtimes.com%2Fwal-mart-would-love-have- banking-license-it-doesnt-necessarily-need-one 2. T o Improve Customer Retention, Don’t Forget the Call Centers, American Banker, October 29, 2012, http://www. americanbanker.com/issues/177_209/to-improve-customer-retention-dont-forget-call-centers-1053947-1.html 3. U se Tech to Boost, Not Bypass Customer Relationships, American Banker, October 26, 2012, http://www. americanbanker.com/bankthink/use-tech-to-boost-not-bypass-customer-relationships-1053887-1.html 4. T here’s No Such Thing as the New Normal, New York Times, December 20, 2010, http://bucks.blogs.nytimes. com/2010/12/20/theres-no-such-thing-as-the-new-normal/ 5. B ack Bay Slated for a New Bank of America ‘Flagship’ Branch, Boston Globe, October 19, 2012, http://www. bostonglobe.com/business/2012/10/18/bank-america-plans-least-dozen-new-flagship-branches-back-bay-elsewhere/ lZom2td1ImstOoPwd5C0vN/story.html 6. W hat Drives Consumers’ Intentions to Own or Rent, Fannie Mae Economic and Strategic Research, August 2012. 7. C onsumer Attitudes About Homeownership, October 2012 Data Release, Fannie Mae Monthly National Housing Survey, November 7, 2012. 8. J D Power (2008-2010), Mortgage Bankers Association (2011), CEB TowerGroup analysis 9. 2 011 Customer Experience Impact Report, a survey commissioned by RightNow (acquired by Oracle in March 2012), http://www.oracle.com/us/products/applications/cust-exp-impact-report-epss-1560493.pdf 16 U.S. Mortgage Lending: Strategies to Gain Share in the New Normal | © Carlisle & Gallagher Consulting Group. All Rights Reserved.
About Carlisle & Gallagher Consulting Group Carlisle & Gallagher Consulting Group (CG) is an award-winning management and technology consulting firm that delivers large- scale, complex solutions for the world’s leading financial services organizations. We help our clients solve their most critical business and technology problems, meet tight deadlines, and plan for future challenges in an industry operating under unprecedented change and competitive pressures. Headquartered in Charlotte, NC, CG is inspired to help our stakeholders succeed – from clients to employees to the communities in which we live and work. For more information, visit www.carlisleandgallagher.com. About CG Lending Practice CG’s Lending Practice is powered by more than 450 experienced professionals, including management consultants, lending operations experts, program and project managers, business analysts, and technology architects. In fact, our practitioners have an average of 15 years of lending industry experience that they bring to each client relationship. CG’s Lending Operations services include: • Loan Origination & Fulfillment • Loss Mitigation Remediation • Foreclosure, Bankruptcy, Escrow Review & Correction • Servicing Transfers • Customer Complaint Processing To learn more about our Lending Practice, please visit http://www.carlisleandgallagher.com/expertise/consumer-banking Let’s Get Started To learn more about how we can help you succeed, please contact: Tom Mataconis Doug Hautop CG’s VP of Consulting & Practice Services CG’s Lending Practice Leader email@example.com firstname.lastname@example.org 704.936.1610 704.301.5142 Carlisle & Gallagher Consulting Group 212 South Tryon Street, Suite 800 Charlotte, NC 28281 O: 704.936.1600 | F: 704.936.1631 17 U.S. Mortgage Lending: Strategies to Gain Share in the New Normal | © Carlisle & Gallagher Consulting Group. All Rights Reserved.
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