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

On a 1,000-point satisfaction scale, customers rated personal loan providers with a score of 853 compared to a score of 834 in J.D. Power’s 2019 Home Equity Line of Credit Satisfaction Survey.

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2018 U.S. Home Equity Line of Credit Satisfaction Study | J.D. – 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.

Check the Better Business Bureau and J.D. Power studies, including the 2018 U.S. primary mortgage origination satisfaction study and 2018 U.S. Retail Banking Satisfaction Study, to learn how well lenders deliver on customer satisfaction for borrowers. While these two studies don’t specifically address home equity loans, they look at most of.

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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By contrast, the average customer satisfaction score among HELOC customers in the recent J.D. Power 2019 Home Equity Line of Credit Satisfaction Study SM is 834, with lower satisfaction correlating to fewer customer referrals.

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.

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.

Home equity lenders aren’t just competing with each other, but also with online providers of personal loans. All indications are that the speed, convenience, and generally superior digital..

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