1 In 3 Consumers Would Consider a Walmart Mortgage

Carlisle & Gallagher Consulting Group consumer mortgage study finds 80% of consumers are willing to use a non-bank for their next mortgage

CHARLOTTE, N.C.--()--Carlisle & Gallagher Consulting Group (CG, www.carlisleandgallagher.com), a management and technology consulting firm serving the financial services industry, today released findings from its U.S. consumer mortgage study.

CG surveyed consumers to learn about their views toward home ownership, how recent changes in the mortgage industry impacted their application experience, what factors are most important in the mortgage application process, and if consumers would be willing to consider an alternate mortgage provider.

According to the 618 U.S. consumers who participated in CG’s online study in September 2012:

  • 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 PayPal

Although, consumer satisfaction with primary banks ranked high (81%) the study reveals continued frustrations with current mortgage processes that could drive consumers to alternative home loan providers:

  • High interest rates, high payments, and taxes and escrow are the top three most frustrating issues regarding consumers’ current mortgages
  • 56% of consumers blame slow execution as one of the most painful aspects of the mortgage process
  • 32% said difficult to communicate with
  • 31% said unable to track the status of their mortgage application
  • 26% said untrustworthy advice

“Consumer attitude is driven by three things, price, service and trust,” said Doug Hautop, Senior Manager and Lending Practice lead for CG. “Institutions looking to gain market share must target customer values instead of traditional asset segmentation.”

For more information about this study you can listen to the webinar with Corporate Executive Board’s (CEB), Craig Focardi, entitled: “U.S. Mortgage Lending: Strategies to Gain Share in the New Normal” http://www.cgcginc.com/expertise/cg-insights.

To request a copy of CG’s research report on Consumer Mortgages available in January, email insight@cgcginc.com.

About Carlisle & Gallagher Consulting Group

Carlisle & Gallagher Consulting Group (CG) is a management and technology consulting firm that delivers large-scale, complex technology solutions for the world’s leading financial services organizations. We help our clients solve their most critical business and technology problems. 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.

Contacts

Carlisle & Gallagher Consulting Group
Melody Callaway, 704-247-3640
melody.callaway@cgcginc.com

Release Summary

1 in 3 consumers would consider a Walmart mortgage. Carlisle & Gallagher Consulting Group consumer mortgage survey finds 80% of consumers will to use a non-bank for their next mortgage.

Contacts

Carlisle & Gallagher Consulting Group
Melody Callaway, 704-247-3640
melody.callaway@cgcginc.com