Knoxville, TN (PressExposure) August 25, 2009 -- After less than eight months on the market, and ten months since the Federal Housing Finance Agency (FHFA) took over Fannie Mae and Freddie Mac, LoanMarq software from Sthenia Solutions has already won praise from consumer borrowers working with mortgage loan officers.
Choice One Funding, a Sacramento, Calif.-based firm specializing in purchase loans, refinances, FHA financing, instant credit decisions and reverse mortgages, recently began using LoanMarq to enhance client service, as well as speed up closings.
âClients demand transparency now, and for good reason,â said Choice One Funding loan processor Rebekah Crane. âOur customers are much more sophisticated than they were even a few months ago, so they appreciate the added communication, the constant status updates and increased visibility into their loanâs progress. Thereâs been extremely positive change on all sides, and thereâs no way we could go back to managing loans the same old way.â
A recent customer satisfaction survey conducted by J.D. Power and Associates showed consumers are more satisfied and more loyal to a lender when their loan officer provides reports updates, communicates proactively and acts transparently and ethically.
LoanMarq allows borrowers uncommon insight into their loan. Each time a new document is available or a milestone is requested, ordered, due or received, LoanMarq alerts the borrower with an email or text message.
A combination of the mortgage crisis and weak consumer confidence will cause the real estate market to suffer extensively throughout the year. The mortgage mess has led to an enormous number of foreclosures that have brought thousands of homes to the market, while a weak response from consumers means that these homes won't be sold anytime soon. In order to increase demand, mortgage and real estate professionals are challenged to restore a measure of faith and trust. Many consumers blame nondisclosure and lack of sufficient education as reasons for the current mortgage debacle. The industry is faced with its toughest test in history and to pass must make fundamental changes in how it relates to its customers.
âWeâve hit the so-called âtipping pointâ where change is inevitable, and in the long run, borrowers will benefit from the attention to service levels and disclosure,â said Sthenia Solutions CEO Paul Piers. âWe are proving that we can change consumer expectations and restore confidence in the mortgage loan process. Loan officers using LoanMarq feel confident they can satisfy the desire for transparency, accountability, and education consumers require. At the end of the day, it doesnât matter what knew legislation is passed or who takes the fall for the economic fallout. What will right this economy are consumers ready and willing to go out and buy and sell real estate again. What makes this happen is proof the industry will fix its service flaws.â