1 in 3 Consumers Would Consider a Mortgage from Walmart

One in three consumers say they would consider a mortgage from Walmart while 48% would consider a mortgage from PayPal, according to a study released by Carlisle & Gallagher, a consulting firm based in Charlotte, N.C.

The survey asked consumers about their views toward home ownership, the factors they consider most important in the process of applying for a mortgage loan, and whether they would be willing to consider borrowing from an alternate mortgage provider.

Though 81% of consumers expressed satisfaction with banks, 56% of consumers blame slow execution as among the most irksome aspects of the process of applying for a mortgage. Thirty-two percent say lenders are difficult to communicate with, while 31% say they are unable to track the status of their application.

"Consumer attitude is driven by three things, price, service and trust," Doug Hautop, Carlisle & Gallagher's lending practice leader, said in a news release. "Institutions looking to gain market share must target customer values instead of traditional asset segmentation."

Neither Walmart nor PayPal responded immediately to a request for comment.

Though neither Walmart nor PayPal currently offer mortgages, Walmart has provided financial services for years. In October the retailer took a significant step toward becoming a more formidable bank competitor with its introduction of Bluebird, a card-based checking account alternative the company is offering with American Express.

At least one other big box retailer offers home loans. In 2011, warehouse club Costco Wholesale started partnering with banks to offer mortgage services online.

The survey by Carlisle & Gallagher reflects the responses of 618 consumers in September.

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