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JD Power Ranks Mortgage Servicer Satisfaction
Thursday, July 30, 2020
The performance of mortgage loan servicers is lacking in
the eyes of many of their customers, even this early in the pandemic driven
recession. J.D. Power's 2020 U.S. Primarily Mortgage Servicer Satisfaction
Study found customers reporting long wait times to speak with customer service
representatives and little proactive communication on the part of the
companies.
J.D. Power surveyed customers 7,275
customers who originated or refinanced mortgages more than 12 months earlier on the performance
of more than 30 of the nation's largest servicers. The survey, fielded in March
and April, looked at performance across six factors, onboarding, billing and
payment, administration of escrow accounts, fees, communications, and interaction
via websites, live and automated phone. The study also explores customer
satisfaction based on behavioral segments, such as risk/loan status, servicing
transfers, tenure with servicer and demographics.
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