While mortgage servicers have invested time and resources into assisting the customers most in need over the past 18 months, they should not overlook their low maintenance customers. J.D. Power’s 2021 Primary Mortgage Servicer Study finds that one-fifth of current mortgage customers (19%) have had no interaction with their servicers in the past 12 months. As a result, this segment has lower awareness of the offerings and programs available to them and, therefore, lower overall satisfaction with / loyalty to their mortgage servicers.
J.D. Power’s survey finds that customers who have not interacted through personal-service channels or self-service channels (online account, mobile app, automated phone service) are less aware of servicer-provided account tools, account guidance, flexible payment options, and pandemic payment relief programs. In turn, this segment of customers rates its servicers lower in overall satisfaction and its brand loyalty is reduced to almost 1/3 of that of other customers. This represents potential missed opportunities for future referrals.
The good news is that improvement does not necessarily require a large investment in technology or resources: servicers can boost customer satisfaction by steering them towards cost-effective self-service channels. Those who interact exclusively through their online account, mobile app, or an automated phone service rate their servicers higher in overall satisfaction than those who don’t interact at all. Servicers have already begun to make progress on this front, as the percentage of customers who haven’t interacted at all has declined since 2019, and the percentage of customers using exclusively self-service channels has increased slightly within the same time frame.
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.
