DENVER, Colo. – February 28, 2024 – In STRATMOR Group’s February Insights Report, Senior Advisor Sue Woodard compares the miscommunication often seen between mortgage lenders and their technology partners to couples in need of marriage counseling. In her article, Woodard takes on the role of “therapist” to help both lenders and vendors unpack the key areas of concern and provides suggestions from STRATMOR’s experts for both parties.
“I’ve observed for a while the massive disconnect often seen between mortgage lenders and their technology partners, despite good intent from each party, and desire for a mutually beneficial outcome, says Woodard. “And much like real-life relationships, some are staying in the partnership purely due to a contractual commitment made, but they aren’t exactly happy.”
In response, STRATMOR last year launched its Solution Provider Advisory (SPA) program, which helps technology partners hear, understand and better respond to the needs of mortgage lenders.
“When we saw how the disconnect between lenders and vendors was hurting the success of both parties, we developed the SPA program to bridge the gap between evolving lender needs and expectations and vendors with the capacity to meet them,” says STRATMOR Senior Partner and CEO Lisa Springer.
To learn about the frustration lenders are feeling and how a few tech providers have already taken STRATMOR’s guidance to heart, check out the February InFocus article, “Step into Our Office: Couple’s Therapy for Mortgage Lenders and Tech Vendors.”
In a second article in this month’s report, STRATMOR Customer Experience Director Mike Seminari homes in on another relationship that needs attention in the mortgage industry — the one between current lenders and the next big wave of generational borrowers: Gen Z.
Seminari shares data showing that 72% of Gen Z (those born between 1997 and 2012) is on the lookout to become homeowners in the next six years, and points out their buying behaviors are a little different from the ones current mortgage leaders — typically Gen X and Baby Boomers — are used to seeing.
In his article, Seminari asks the question, “What should lenders know about attracting and engaging Gen Z borrowers?” Find his recommendations, along with tips from ActiveComply’s Gen Z guru, Ally Carty, in this month’s CX Tip, “The Next Mortgage Frontier: Attracting and Engaging Gen Z.”
Click here to read the February 2024 edition of STRATMOR’s Insights Report.
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