November 12, 2019
Online lenders are now among the largest originators of mortgages, and certainly spend incredible amounts on marketing. But Orion knows that local brokers continue to attract customers who crave an experience and connection they feel is unavailable on the internet.
According to the J.D. Power 2018 U.S. Primary Mortgage Origination Satisfaction Study, researchers found that “overall satisfaction is highest among customers who spoke only with their lender in person or over the phone when applying for a mortgage, followed by satisfaction among those who used a mix of personal and self-service tools.” Orion’s AEs report that brokers feel it is critical for our clients to have the best of both worlds.
While some borrowers like the speed and convenience that online mortgages offer, others want the human touch and brokers’ staffs know their housing markets better than anyone. Our clients also like knowing that their borrower’s mortgage payments help their community when you use a local broker.
Orion’s AEs continue to report that they are seeing brokers excel at customer service. If a borrower encounters an issue with their loan being processed or approved, with Orion you can get help from a decision-maker who knows the market. Our underwriters are top-notch. Because most online lenders are national entities, many of them don’t employ mortgage specialists who know the ins and outs of your local market. Orion does, as do our AEs.
An online lender can be a big disadvantage if you have a potential client applying for a complicated loan, such as an FHA loan or a mortgage for a self-employed borrower. In fact, Orion’s staff works very hard with our brokers to mark sure that loans are not complicated. Online mortgage lenders aren't typically as well versed in local home buyers’ incentive programs, and such programs can help drive down an interest rate or reduce closing fees.
And lastly, in terms of referrals, we have never heard a real estate agent or attorney tell a client, “Oh, just do a web search on ‘mortgage’ and you’ll be fine. A large portion of our broker’s business comes to them through previous clients – the best advertising!