Customer experience in the mortgage market is not as good as it could be — and banks are the worst performers. According to McKinsey & Co., only 42% of U.S. bank mortgage customers said they were extremely satisfied with the mortgage process, compared with 52% for non- depositary originators.
This has a direct impact on a bank’s growth in a challenging market. U.S. residential mortgages outstandings have declined by 17% in real terms in the 10 years prior to 2018. But nonbank providers that have strong customer experience scores have bucked the trend.