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Consumers cast doubt on mortgage servicers

 

NEW YORK – Aug. 1, 2017 – Consumer perception of mortgage servicing brands is growing dimmer. In a J.D. Power's 2017 U.S. Primary Mortgage Servicer Satisfaction Study, many say banks are more focused on profit than their customers' needs.

"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," says Craig Martin, senior director of mortgage practice at J.D. Power. "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."

Martin offers advice to mortgage servicers: "Based on our research, mortgage servicers have three very clear areas of opportunity to help drive success: effective onboarding, high-functioning self-service tools, and call center best practices that optimize customer contact in step with changing customer demographics and needs."

The J.D. Power survey, based on responses from more than 7,000 borrowers, measures customer satisfaction on a 1,000-point scale. The mortgage servicing experience is based on six factors: new customer orientation; billing and payment process; escrow account administration; interaction; mortgage fees; and communications.

For the fourth consecutive year, Quicken Loans was the top-ranked mortgage servicer, with a score of 840. Regions Mortgage (819) and Huntington National Bank (795) also were among the top-ranked mortgage servicers, according to the survey.

Non-traditional mortgage servicers also fared well. USAA Federal Savings Bank and Navy Federal Credit Union had satisfaction scores higher than Quicken's score.

A full list of mortgage servicers' satisfaction scores is posted online.

© Copyright 2017 INFORMATION INC., Bethesda, MD (301) 215-4688

Related Topics: Mortgages