He said, “There’s a lot you have to do on this scale, (but) we felt we had to give the savings back to our customers. We were one of the first to announce that we would retrospectively apply a 50 basis point loan to all suspended loans except those that were close to closing. “
JD Power’s recent Primary Mortgage Service Satisfaction Survey revealed a lot of information that went almost unnoticed amid the roar of awards by revealing that traditional banks were starting to lose their edge over non-bank lenders.
Pendleton sees this as further evidence of the vital role independent brokers play and why some large lenders are willing to do very public cleanups in order to maintain their loyalty and habit.
“If you look back at the pre-crisis period, the brokerage community made up 50% of the market share, but they just didn’t have the proponents that the retail channel and the big banks (had) had. They didn’t have that much voice and no place at the table, ”he said. Now, however, he sees brokers “stepping into the room and moving from retail to independent” in ever increasing numbers.
Continuing the peace broker theme, Pendleton offered his (much larger) competitors a few final words of comfort.