Industry NewsMortgage

Mortgage apps land ‘most confusing paperwork’ title

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Mortgage applications are the most confusing paperwork American consumers confront, edging out health insurance benefits forms and federal income tax returns for that dubious honor, according to new research. Of about 1,700 consumers surveyed, 60 percent cited mortgage applications as a difficult-to-understand document they've read in the past 30 days, according to the "Perplexity Poll" by Siegel & Gale. The poll was designed to point out communications problems so companies can begin addressing them, said Peter Allen, Siegel & Gale's marketing services director. The results clearly show the mortgage industry has a problem. And it's one that likely impacts mortgage companies' future business, Allen said. "Most (consumers) remember that a significant portion of the process was unpleasant," he said. "If they sell their home and buy another, I would think they're much less likely to do business with that company going forward." The poll also revealed that 57 percent found he...