Mortgage servicers faced an influx of customer calls at the onset of the pandemic, creating both operational challenges for servicers and frustratingly long wait times for customers. In response, servicers made a significant effort to steer customers towards self-service channels in place of costly phone calls. One year later, J.D. Power’s 2021 Primary Mortgage Servicer StudySM examines the impact and implications of these events.
Aside from the chaotic first few weeks of the pandemic, customer interactions with call centers did not fundamentally shift year over year. There was no change between March 2020 and spring of 2021 in the overall percentage of customers who contacted their mortgage servicers by telephone. Likewise, the percentage of customers who reported it was either “very easy” or “somewhat easy” to get through to a live phone rep in 2021 was on par with that from 2019 and 2020. Given the backdrop of events in the past year, this signifies a level of stability.
Looking beneath the surface, there is a difference in behavior between customers of bank servicers and customers of non-banks. Call center usage among non-bank customers increased marginally in 2021, driven most heavily by sub-servicers. Meanwhile, incidence of call center interactions among bank customers was slightly down year-over-year.
Servicers must continue to make a concerted effort to drive customers to their websites and mobile apps. Many mortgage servicers made investments in their websites and mobile apps in the past year in the hope of reducing call center traffic and operational costs. While website usage has increased 5 percentage points since spring of 2020, the percentage of customers who say they did not try searching their lenders’ websites before contacting them by phone has not changed at all. This is true even among those who experienced no mortgage-related problems in the past 12 months. Given those who use self-service channels exclusively are the most satisfied with their servicers, it is in servicers’ and their customers’ best interests to take advantage of self-service options.
Learn more when J.D. Power publishes the results of the 2021 Primary Mortgage Servicer Study on July 21.
The U.S. Primary Mortgage Servicer Satisfaction StudySM provides detailed information and insights on the performance of more than 30 of the largest servicers. We pinpoint the factors that matter most to mortgage borrowers. The study sets a quality benchmark for the industry, and provides a thorough understanding of the needs, expectations, and desires of today’s homeowners.
We identify the factors that matter most to borrowers and drive their satisfaction with mortgage originators and servicers. Using this data, we set a quality benchmark for the industry, and provide a thorough understanding of the needs, expectations, and desires of today’s customers. To help servicers drive results, customers surveyed for this analysis answer questions about key topics such as:
- New Customer Orientation
- Mortgage Billing and Payment Process
- Escrow Account Administration
- Interaction – Personal Service
- Interaction – Self Service
- Channel Activities
- Communications
A study subscription provides access to the insights and tools needed to gain a comprehensive, in-depth understanding of how your firm may be performing and identifies key areas needing improvement. Subscribers gain access to results on July 21, 2021. Key findings and rankings will be released in a press release on July 29, 2021. Read the 2020 press release here.
Contact us to learn more about the study using this simple form and subscribe today. Join our mailing list to stay up to date.
