“Honey, I’m Going to Walmart to Get a Mortgage…”

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December 9, 2012 by Jeff Lowen

Carlisle & Gallagher Consulting Group (CG) surveyed over 600 U.S. consumers in a September 2012 online study and discovered the following:

  • 80 percent of U.S. consumers would consider a mortgage from a non-bank
  • 33 percent (1 in 3) would consider a mortgage from Walmart
  • 48 percent would consider a mortgage from PayPal

The consultants said consumers cited frustrations over several issues with their current mortgage providers, including high interest rates, high payments, and taxes and escrow. Slow execution of the process, difficulty in communication, inability to track the status of their applications and untrustworthy advice were also mentioned.

As interesting as this may seem to you, I find what the surveyed consumers said (In bold above) to be crazy amazing! There appears to be a breakdown in the process! Do consumers really think that a mortgage provider is responsible for interest rates? The amount of their payment? Taxes??? C’mon! Either the 600 consumers surveyed weren’t paying attention in class or our industry’s loan pros need a little more practice in communicating with their clients! I would put that responsibility on the professionals of the industry for sure – and you can’t blame Walmart, PayPal or any other business that wants to jump in on the real estate market in some way. Why, you may ask? For profit, of course!

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