Frustrated Consumers Would Rather Get a Mortgage from Walmart or PayPal

Consumers are so turned off by the mortgage application process with banks that they’d prefer to get their home loan from Walmart or PayPal instead.
A new survey seeking consumer sentiment regarding the mortgage experience found plenty of frustration, according to the report from the Carlisle & Gallagher Consulting Group, a management and technology consulting firm.
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 percent), the study find that that high interest rates, high payments, and taxes and escrow are the top three most frustrating issues with current mortgages.
Here’s the rest of the breakdown:
• 56% of consumers blame slow execution;
• 32% pointed to difficulties in communicating;
• 31% said they were unable to track the status of their mortgage application
• 26% citied untrustworthy advice

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