All digital HELOC lenders have lower customer satisfaction: J.D. Power

With the number of American consumers expected to take out a home equity line of credit (HELOC) projected to double to 10 million over the next five years,[1] lenders need to improve their digital offerings if they want to capitalize on the trend. According to the J.D. Power 2018 U.S. Home Equity Line of Credit Satisfaction Study,SM the digital experience is becoming increasingly critical to.

All indications are that the speed, convenience, and generally superior digital experience offered by fintech lenders. with HELOC borrowers. The J.D. Power research found that consumer satisfaction.

The consumer desire for a mix between digital and personal contact echoed the findings of J.D. Power’s Primary Mortgage Originator Satisfaction Survey. Those HELOC consumers that were restricted to an online-only experience gave the process an 819 satisfaction score, compared with 836 that had an all in-person experience.

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The consumer desire for a mix between digital and personal contact echoed the findings of J.D. Power’s Primary Mortgage Originator Satisfaction Survey. Those HELOC consumers that were restricted to an online-only experience gave the process an 819 satisfaction score, compared with 836 that had an all in-person experience.

COSTA MESA, Calif.: 14 March 2019 – Despite record-high levels, new home equity line of credit (HELOC) originations have been steadily declining as a perfect storm of rising interest rates, new tax laws and growing competition from alternative lenders has crimped traditional HELOC growth. According to the J.D. Power 2019 U.S. Home Equity Line of Credit Satisfaction Study, SM released today.

All digital HELOC lenders have lower customer satisfaction: J.D. Power Having an all-digital process results in lower customer satisfaction for home equity line of credit providers than an all in-person or a mix of methods, a J.D. Power survey found.

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Cons Doesn’t offer home equity loans or HELOCs. If you’re a “look me in the eye” type of customer. J.D. Power 2017.

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New customer satisfaction data suggests that home equity line of credit lenders can safely turn much of the origination process over to technology and keep borrowers happy, with one caveat – early-stage interactions, where the personal touch can make a major difference, a J.D. Power survey found.

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