“I think what can happen here is they’re really doubling down on that customer base,” he said. “Especially the big banks like Chase, Wells Fargo, and Bank of America, they’re really focused on lending to their broader client base. They’re really, really focused on keeping those customers within their universe of product portfolios. They really doubled their marketing down, and they’re really executing very well with that group.”
Gehrke isn’t convinced that even with changes to Basel III, banks are going to dive heavily back into the mortgage space once again. But he does think that IMBs should be keeping an eye on the widening satisfaction numbers.
“I think you’re more likely to see that move forward and maybe that gap will grow a little bit, but right now it’s fairly significant,” he said. “It’s a little too early to say that’s a definite trend, but it is something we’ve seen. The bank average servicing has been up for every wave, every quarter over the last year and a half, and you’re seeing the origination experience up over last year, where the IMB experience is falling back a little bit.”
It’s not just the big banks that are winning out. Gehrke said similar satisfaction results are being seen at mid-sized banks like PNC Bank and Truist.
“You see it even down into the mid-sized banks like the PNCs and the Truist of the world,” he said. “It’s definitely something that is resonating in the data that we see so far.”
