Customer satisfaction in the mortgage industry is slipping — and the decline says a lot about the state of long-term relationships in this space. Mortgage satisfaction scores already trail best-in-class industries by 30% to 40%, but a closer look at different stages of the process reveals even more. According to
The mortgage industry has long been burdened by time-consuming paperwork, slow approvals and rising costs. But recent advancements in AI are changing that. From automating document processing to improving fraud detection, AI is capable of streamlining nearly every step of the mortgage process. In fact, according to a recent Fannie
For the past four years, Idomoo has celebrated the best videos our team and tech helped create for the world’s leading brands. This year, we want to share with you a few of the winners from our annual Next Gen Video Awards. These are the ones that stood out to
Personalized Video and mortgages — how (and why) do they fit together so well? It might not seem like an obvious connection, but let me explain. For the last 10 years before joining as a director of sales and account manager, I’ve been a marketing strategist in the mortgage industry.
The FCA is raising the bar for customer care in the financial services landscape. Firms must now adhere to the Consumer Duty: a package of measures that aims to improve customer outcomes with better communication. This new Consumer Duty, recently issued by the U.K.’s Financial Conduct Authority (FCA), mandates that
For decades, credit unions have offered incredible rates, low fees and face-to-face interactions — an exceptional CX many traditional, major banks are unable to offer. And it’s obvious this customer-first approach works. An impressive 90% of surveyed members believe credit unions are a great place to find both financial advice
How has the mortgage industry adapted to our increasingly digital world? For one, mortgage companies have upped the ante on their digital transformation efforts across all facets of their businesses. Automation — from collecting payments to customer communications and everything in between — continues to be a top priority for
From bitcoin to NFTs to robo-advisors, fintech is a hot topic. Have you ever been asked to “venmo” or “zelle” someone? Fintech is responsible — 3 out of 4 consumers now use payment services like these. But fintech is quickly taking hold of any and all financial industries, including mortgages,
Today, over 6% of all mortgages are in forbearance. That’s up from only 0.25% at the beginning of March.12 An astronomical increase such as this has the potential to lead to astronomical problems, such as potentially devastating consequences for borrowers who don’t fully understand their forbearance repayment options.
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