Context with Mike DelPrete Garth Graham: The 7 Deadly Sins of Mortgage
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Jul 14, 2025 Garth Graham, Senior Partner at Stratmor Group, dives into the tough realities of the mortgage industry, shedding light on the staggering $12k origination cost. He discusses the seven deadly sins of mortgage that drive consumers crazy, from redundant requests to sneaky fees. The conversation also touches on the crucial role of empathy for loan officers and how AI can elevate customer experiences. Expect a candid exploration of compensation issues and why Garth humorously hints at his never returning for another chat!
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Mortgage Industry Challenges
- Mortgage industry struggles with cyclicality, fragmentation, and regulation.
- These factors make cost and budget management challenging over time.
Secret Shopping Reveals Gaps
- Use secret shopping to identify customer experience weaknesses in mortgage lending.
- Optimizing people, processes, and technology improves consumer engagement and conversions.
Experience Impacts Marketing Cost
- Companies with better consumer experience save about $1,000 per funded loan in marketing costs.
- Many lenders underestimate how poor their actual customer experience is.