Mortgage servicers need to focus heavily on the digital space because it’s closely linked to customer satisfaction, according to the J.D. Power 2017 U.S. Primary Mortgage Servicer Satisfaction Study released July 27.
The study showed mortgage servicer customer satisfaction is stagnant in 2017 for the first time in several years, due to the perception from customers that servicers are more concerned with making money than they are about them.
The average rating for all lenders was 754 based on a 1,000-point scale. However, customers who are provided with self-service tools on the servicers’ websites to do things like pay their monthly mortgages were 43 points more satisfied.
The rating is calculated based on customer feedback in six areas: new customer orientation, billing and payment process, escrow account administration, interaction, mortgage fees and communications.
“The past few years have not been easy for mortgage servicers as they’ve struggled with regulatory and market pressures, but still managed to deliver on customer satisfaction. Now, as that trend starts to shift and customer satisfaction levels off, it is critical that mortgage servicers continue to balance the demands of this tough marketplace with the needs of their customers,” said Craig Martin, senior director, mortgage practice at J.D. Power.
According to the J.D. Power report, there are three things that mortgage servicers should have to optimize customer satisfaction:
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