cg research paper_consumer 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

U.S. Mortgage Lending: Strategies to Gain Share in the New Normal | © Carlisle & Gallagher Consulting Group. All Rights Reserved.

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.3

What is The New Normal?

After four solid years of scrutiny and heavy gov-

ernance by external third parties, the new state of

the lending industry is about continuing organic

customer growth while managing an increasingly

complex set of credit and compliance risks.

”But at the end of the day, acquiring new customers, providing good customer service, and retaining those customers is still the most important thing lenders do every day,“ CEB TowerGroup senior research director Craig Focardi.

The question is: Are lenders too busy recovering from being battered in the U.S. housing bust and subsequent financial crisis to retain and deepen existing customer relationships?

This factoid may provide the answer: People are so frustrated with their banks that they would consider going to Walmart (NYSE: WMT) for a mortgage if they could. The majority of these customers do not have their mortgage with their primary bank. Banks are missing an opportunity to increase their mortgage business by 79% with their current customers. These are three key findings of the “U.S. Mortgage Lending: Strategies to Gain Share in The New Normal” study, conducted by Carlisle & Gallagher Consulting Group (CG, www.carlisleandgallagher.com), a management and technology consulting firm serving the financial services industry.

CG surveyed 618 U.S. consumers online in September 2012 to gain better insight into the voice of the customer and provide strategic direction to its clients. Our survey sought to answer:

• What is the current view toward home ownership?

• How have recent changes in the mortgage industry impacted the application experience?

• What factors are most important in the mortgage process?

• Would customers be willing to pay more for a mortgage?

• Would consumers be willing to consider an alternate mortgage provider?

• What do primary banks need to do to add market share?

Introduction

“The New Normal,” is a term that William H. Gross coined in 2009 to define the economic landscape for years, or decades, to come. Gross told Forbes Magazine that our future will likely include a lowered living standard, high unemployment, stagnant corporate profits, heavy government intervention in the economy, and disappointing equity returns.

“When we apply this definition of The New Normal to mortgage and consumer lenders, a group that is consumed with unprecedented challenges since the foreclosure and loan modification crisis, we see a fundamental change taking place right now,” says Tom Mataconis, vice president of consulting and practice services, Carlisle & Gallagher Consulting Group (CG). “There is a power shift from banks to customers, who are demanding choices and more transparency into the mortgage application process. This shift makes it nearly impossible for lenders to sustain differentiation based solely on price or product. Trust and customer service are the key differentiators that will allow banks to gain market share in The New Normal.”

In CG’s work with 5 of the top 8 lenders in the U.S., there has been an urgent need to help them address critical industry mandates and build new capabilities to achieve operational excellence. What has not been addressed is how these big U.S. banks can leverage their investment in regulatory responses to tackle customer dissatisfaction and gain market share in The New Normal.

The New Normal brings implications for lender strategies and technology investment, how you run a business, and what you offer your customers. These challenges include:

• Scattered intellectual capital inside lending institutions due to competing priorities

• High purchase and refinance demand driven by record low rates and government assistance programs that have led to elongated cycle times and customer dissatisfaction

• Increased regulatory compliance, designed to protect consumers and stabilize the financial system, is further complicating lending business and technology operations


The Mortgage Market Outlook

CG’s study shows that homeownership confidence is high — with 90% of respondents expecting their homes to maintain value or grow significantly over time (see Figure 1), and 1 in 5 consumers expecting to purchase a home in the next 3 years.

Validating CG’s findings, the Fannie Mae National Housing Survey of October 2012 shows similar numbers, with 72% of respondents saying it is a good time to buy a home. Additionally, the Fannie Mae “Own-Rent Analysis” reported that the 2011 National Housing Survey shows that homeownership still appeals to the majority of Americans, with 85% of respondents saying owning makes more sense than renting financially over the long term and 64% saying that, if they were going to move, they would buy a home.

Figure 1

Q12: Which of the following best describes your expected financial return on your home?

Expected Financial Return on 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

Study Results at a Glance

• Half of U.S. homeowners expect their home to grow and deliver significant value

• One-third of consumers are willing to pay more for a mortgage if it comes with superior customer service

• Primary banks are missing an opportunity to increase their mortgage business by 79% with their captive customers

• 1 in 3 consumers would consider a mortgage from Walmart

• 80% of consumers would consider

a non-bank for their next mortgage


Understanding How Consumers Think About the Mortgage Application Process

Clearly, buying a home is still a pillar of the American dream. But how do consumers approach the mortgage application process? And how do they decide who to work with?

CG’s survey shows that cost, trust in the financial institution, and quality customer service are the top three most important factors in the mortgage application process (see Figure 2). In fact, cost remains king for new mortgages and refinancing with 84% of respondents rating cost as the number one most important factor in the mortgage process.

A Forrester Research report, “What Drives Retention and Sales in U.S. Banking,” found similar factors that drive customer acquisition and retention. Among all factors that drive acquisition and retention, trustworthiness came out on top, followed by low (or no) fees, customer service, good mobile and online banking service, and generous rewards. Lower on the scale was having many locations, offering a low annual

Figure 2

Q39: Which of the following factors are most important in the mortgage application process? Choose up to five.

percentage rate (APR), and maintaining a variety of product offerings.

The CG study also found that there is a distinct group of customers who value service and relationships, and are willing to pay more for it. Thirty-four percent of consumers (referred to as the “Pay More” group) are willing to hand over more money for a mortgage if it comes with superior customer service. Fifty-two percent of these respondents are willing to pay a premium to complete the mortgage process more easily. And, 39% of Pay More respondents are willing to pony up to use their primary bank. See Figure 3.

Convenience, access, advisory, trust, speed, and predictability come into play with many applicants; however with the Pay More group these elements are more prevalent. This group tends to value customer relationships and wants to be treated as preferred customers. It’s also interesting to note that the demographics of the Pay More group shift toward the younger millennial segment and are not biased toward income levels.

Most Important Factors in the Mortgage Selection & Application Process


34% of Respondents Will Pay More for Superior Customer Service

Figure 3

Q49: Are you willing to pay more for a mortgage product if it comes with superior customer service?

Banks Beware

CG’s study uncovers an increasing demand for

alternative lenders:

• 80% of U.S. consumers would consider

a mortgage from a non-bank

• 1 in 3 consumers would consider a

mortgage from Walmart

• 48% would consider a mortgage from PayPalConsumer Frustrations with the Mortgage Process

We’ve established that a) consumer demand for homeownership is strong and b) they have distinct opinions regarding what’s important during the mortgage selection and application process. Now the question becomes: who can deliver what they want?

CG’s study shows that consumers want choices from alternative lenders. Why? It comes as no surprise to learn that, given the recent mortgage mess, consumers have a trust issue with big banks (See “Banks Beware” sidebar). Twenty-six percent of our survey respondents cited untrustworthy advice as a painful aspect of the mortgage application process.

But their issue with banks goes beyond trust. Our survey indicates that the following factors are also considered to be painful parts of the mortgage application process for consumers: cost, slow execution, difficult communication, and inability to track the application status (see Figure 4).

Most Painful Issues

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.

Shifting Customer Service Expectations

Let’s look more closely at customer service. While the speed of execution (or lack thereof) causes consumers the most pain when it comes to customer service, communication challenges also make consumers gnash their teeth. In fact, in CG’s survey “difficult to communicate with” was the #2 customer service complaint. Add complexity of products (27%) and difficulty completing the application requirements (28%) as painful aspects of the mortgage application process to the mix and there could be more trouble from a communication standpoint.

So, what changes would consumers like to see? Here’s how it shakes out:

• Direct access: When we asked customers how they would prefer to interact with their lender during the mortgage application process, 69% said they want


direct access to a mortgage representative.

This need for direct access comes as no surprise since 53% of the respondents in CG’s survey view homeownership as their most important financial investment.

• Multiple channels: Direct access is only part of the story. Customers also want multi-channel communication that is personalized, supplies real time data, gives them instructions, and provides 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 sales and service culture that can equally swing between mobile, web, and more traditional venues such as phone calls.

Yes, phone calls. According to Sverdlov, phones are still a primary means of connecting with banks, even for customers who are tech savvy. “There’s been a lot of attention placed on mobile and online channels. While that’s important, markets should not forget offline channels,” Sverdlov says, adding that nearly a third of U.S. adults who are active online still use traditional channels such as phone calls when attempting to solve a service problem with their bank.

• Consistency across channels: Customers expect the same level of personalization, intelligent advice, and product recommendations from digital banking channels as they’ve come to expect from their favorite branch associate, according to Devon Kinkead, CEO of Micronotes, a digital marketing company that provides tools and technologies to financial institutions. CG’s study supports this notion. People know what good salespersonship looks like in the physical world. “If you are an existing customer, the salesperson comes to the meeting having looked at your accounts and given some thought to what questions to ask,” said Kinkead. “Then the 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.”

CG Recommendation

To improve customer retention, don’t forget bank

branches and call centers. The banks that will

win at customer retention and acquisition will be

those that have realigned resources to master

the channel game, recognizing that new digital

channels are complementary and not a replace-

ment for older contact points.

Case in Point: USAA Multi-Channel Initiative Retains Customers

USAA, an institution that focuses heavily on mili-

tary personnel and their families, has embarked

on a number of new channel initiatives, including

video access to customer service from remote

locations and low bandwidth web banking for

military members that are stationed overseas.

The institution is also developing voice recogni-

tion technology. Called Nina, the voice recogni-

tion is similar to Apple’s Siri: users make a vocal

request through the app, which is processed

by Nuance. Nuance’s natural language software

processes the requests, then sends a response to

the mobile application.

Additionally, USAA is expanding its network of

financial centers that include two-way video and

other technology that connects the institution’s

members to customer service. “We find the

more [members] take advantage of these tools,

the more they want to keep doing business with

us,” says Wayne Peacock, executive vice presi-

dent of member experience at USAA.


Challenges and Demands in the New Normal

Mortgage demand is presenting major challenges for U.S. banks, who are frustrating customers with increased mortgage processing timelines, according to CEB TowerGroup analyst. Although these big U.S. banks are hiring mortgage bankers by the thousands to meet the surge in demand for originating home loans and refinancing, they are still struggling to process applications and communicate with customers in a timely manner. What used to be a 30 to 60 day process has stretched to 90 days or more. Why?

There are five other key problem areas:

1. Scattered intellectual capital across key and ancillary functions. Given banks’ competing priorities, they are conflicted about where to focus their human resources. For instance, banks are grappling to address the shift of key resources from originations to servicing.

2. Volume demand variability (i.e. increased capacity). Many lenders are still trapped in a fixed cost infrastructure in the face of highly variable industry dynamics. Whether programs (i.e. HARP 2.0) or other refinance options, lenders also face increasing government incentive / scrutiny to elevate volumes to levels unsupportable by current operational models. This can lead to: increased origination costs and cycle times, process quality deterioration, and service level goal misalignment.

Reality Check

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

CG Recommendation

Leverage your investment in regulatory response

to address the customer needs. Instead of sim-

ply meeting the mandated terms, listen to what

your customers are asking for and give them

what they want while leveraging the funding

for addressing regulatory change. Delight your

customers with faster execution to close mort-

gages, improved and proactive communication,

and the ability to track the status of their

mortgage application.

3. Lack of process standardization. Rapid regulatory change and dramatically altered product options have led to fragmented processes or antiquated resource support. Models also have a downstream effect on abilities to report accurately, efficiently, and completely.

4. Lack of technology investment. With inadequate time for technology implementations, banks are utilizing low cost, minimally skilled labor to execute critical functions (aka ‘brute force’).

5. Shifting customer expectations. Customers are demanding more transparency in the process. They expect multi-channel communication to supply real time data, instruction, and status.


Why Primary Banks Are Not Capturing Market Share

Eighty-one percent of survey respondents have strong satisfaction levels with their primary bank (the bank with which they do the majority of their business), but only 39% have their mortgage with their primary bank.

What’s striking is this fact: 70% of respondents would prefer to have their mortgages with their primary bank.

The big takeway? Primary banks are missing an opportunity to increase their mortgage business by 79% with their current customers. See Figure 5.

CG’s study results reveal why:

• 75% of customers do not have a specific person at their bank that they seek out for guidance and assistance, according to CG’s study. Banks have worked to remove the 1:1 relationship in the name of speed and cost, but in doing so they have removed the sense of community and trust. This has also led banks to rely on technology to mine customer data instead of allowing sales people to make connections and incubate customer relationships.

• Customers have a low level of satisfaction with their primary bank’s costs and products and services as seen in Figures 4 and 7. People seek competitive interest rates. Often times when they call their primary bank to lock in on a great rate, the call center is not able to provide the rate the customer wants.

• 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.

Primary Banks Are Missing Their Fair Share of the Mortgage Market

Figure 5

Q53: Would you prefer to have your mortgage with one of your major banks?

Most Customers Have a High Degree of Satisfaction with their Primary Bank

Figure 6

Q39: What is your degree of satisfaction with your primary bank?

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

fall on the continuum of cost, trust, and service.

See page 13 for tactics you can employ to make

it easy for customers to do business with you.


What is your degree of satisfaction with you primary bank?

Figure 7

Q34: For your primary bank, please rate your level of satisfaction with each of the following (1- no satisfaction at all, 5- highest satisfaction

Let the Voice of the Customer Be Your Guide

CG’s study uncovered a crucial action item for banks: target customers based on what they value in the mortgage process vs. using traditional bank-defined segments of asset or relationship level. This new approach is critical to the success of banks that seek to capture their share of mortgage business in The New Normal.

Let’s turn to what revised segmentation might look like…

CG’s study found three distinct profiles of consumers who value customer service and trusted relationships — 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. Bond Builders: Consumers who value trust in their financial institution and trust in their 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 expectations and requirements for the closing process, prefer simple mortgage products, and want ease in completing the mortgage application. 50% of Planners are willing to pay more for superior customer service.

Each profile has different priorities for what they value in the mortgage process as seen in Figure 9.

For all three segments, cost remains king when it comes to new mortgages and refinancing, but CG’s study shows that it’s a lot more complicated than just low interest rates. “You cannot just segment your customers based on your data models and throw price at them,” said CG’s lending practice leader Doug Hautop. “To grow share, you must segment your customers by the way they see themselves and the way they want to interact with you — and then price and service them appropriately.”

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.


Our Analysis Found Distinct Profiles for Mortgage Preferences

Figure 8

Cost Conscious Bond Builders Planners


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.


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 Let your customers have it their way. While cost is very important, you don’t need to be bottom of the barrel on pricing. A third of survey respondents are willing to pay more money for trustworthy advice, speed, relationships, and the right products. Our study identified three distinct segments of consumers who value customer service and trusted relationships and are willing to pay for it: Cost Conscious, Bond Builders, Planners (see Figure 8). CG advises mortgage firms to target customers and customize their service offerings based on what they value in the mortgage process — rather than by traditional bank-defined segments of asset or relationship level. This is the key to success in acquiring and retaining mortgage customers while optimizing your margins.

2. Realign Resources and Streamline Operations in The New Normal Historically low rates created a massive refinance volume that lenders were not staffed to support. This led to elongated cycle times and broken communications, creating customer dissatisfaction. Our study shows that the most painful aspects of the mortgage application process from a customer service perspective are slow speed of execution followed by difficult communication (see Figure 4).

The contraction in the market, combined with an increase in purchase volume, is forcing banks to realign resources. Many resources that are knowledgeable in purchase originations are now working in refinance or default servicing. They need to understand the requirements when moving from refinance/MHA to full document purchase loans. These loans, which require multiple third party integration points and heavier communication routines, move faster and involve more people. Missing the closing date has more dire consequences. To increase loan applications and improve pull through, lenders must align resources for cross-channel sales and service according to customer preferences. Customers expect the same level of personalization, advice, and product recommendations whether they contact a lender at a branch, on the phone, through email, via a mobile application, or online. Defining and executing repeatable processes and procedures that are consistent with and support your firm’s vision, direction, and policies will improve operational efficiency and shorten cycle times, delighting your customers.


CG believes the door to market share is open for those banks who invest in retraining and hiring in the areas of sales and fulfillment, and invest in high-quality processes and effective loan procedures. In parallel, CG recommends exploring outsourcing or other alternate processing models of non-core lending functions to allow banks to maximize their ability to meet the lending demand. Additionally, the ever-evolving loan servicing process model now features non-linear components, not unlike the loan fulfillment side of the equation. Market leaders will find a way to best leverage common technology to bridge the two core functions when applicable; cost savings and human capital concentration in core lending functions will be the result.

3. Capitalize on Market Share Opportunities for Primary Banking Customers Our study shows that most customers have strong satisfaction levels with their primary bank, and would prefer to have their mortgages with their primary bank. Yet, surprisingly, most customers do not have their mortgage with their primary bank. CG believes that banks can increase their mortgage business with their current customers by simply making it easy for customers to do business with them. A few tactics to employ include:

• Using technology investments to provide mobile data capture capabilities, thereby making document-gathering less intrusive

• Mining data on existing customers and cross-selling targeted mortgage service offerings to them based on what they value in the mortgage process

• Driving customers toward the distribution channel they prefer

• Beating brokers to the punch, proactively talking to customers about their next mortgage before they express interest

• 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

4. Leverage the Investment in Regulatory Response to Address the Voice of the Customer While complying with regulations is a necessary evil, CG’s study proved that it is not necessarily helping banks please their customers. Seventy-seven percent of survey respondents believe that regulatory changes will have a worse or no impact on the mortgage process. CG believes that banks have an opportunity to address the issues of cost, complexity, transparency, and traceability while complying with regulations. Instead of simply meeting the mandated terms, listen to what your customers are asking for and give them what they want while leveraging the funding for addressing regulatory change. For example, banks will be required to comply with the Consumer Financial Protection Bureau’s (CFPB) new Qualified Mortgage regulations, giving them an opportunity to improve on technology and process points while they are already under the hood.

Summary

Current mortgage loan profitability is obscuring and delaying the necessary process and technology changes needed to maintain revenue and margin levels at banks. With the decrease in application volume forecasted in 2013 and the shift to a purchase money market, banks will have no choice but to retain and grow their current customer base to remain competitive.

In The New Normal, there is a fundamental power shift from banks to customers. CG believes that banks that embrace this change and take the necessary time to listen to their customers’ wants and needs will not be caught off guard with surprises. We also strongly believe that this shift makes it nearly impossible for lenders to compete only on price and product. Lenders who focus on trust and customer service as differentiators will gain market share.


Research Methodology and Demographics

CG conducted a 58-question online survey with 618 consumers who reside in the United States. The survey was conducted in September 2012, and the responses were tabulated and analyzed shortly thereafter. The number of people surveyed is highly representative of the U.S. population and is statistically valid.

Household Income Age Distribution

Last Applied for Mortgage

Figure 10

Q7. What is your household income?

Figure 11

Q6. In what age group are you?

Overall mix of respondents reflects a higher income base

Even distribution of respondents across age segments

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?

Nearly half of the respondents have a household income of $100,000 to $249,999. The study targeted 50% of respondents to have household income over $100,000 and no more than 25% below $50,000. Participants were recruited from an online research panel and were required to be over 18 years of age. There was an even distribution of respondents across age segments.


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. To 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. Use 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. There’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. Back 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. What Drives Consumers’ Intentions to Own or Rent, Fannie Mae Economic and Strategic Research, August 2012.

7. Consumer Attitudes About Homeownership, October 2012 Data Release, Fannie Mae Monthly National Housing Survey, November 7, 2012.

8. JD Power (2008-2010), Mortgage Bankers Association (2011), CEB TowerGroup analysis

9. 2011 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


Carlisle & Gallagher Consulting Group 212 South Tryon Street, Suite 800 Charlotte, NC 28281

O: 704.936.1600 | F: 704.936.1631

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 CG’s VP of Consulting & Practice Services [email protected] 704.936.1610

Doug Hautop CG’s Lending Practice Leader [email protected] 704.301.5142

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