As a recession seems increasingly likely and mortgage loan delinquencies are on the rise, customers want to be assured their mortgage servicers are on their side. According to the redesigned J.D. Power 2022 U.S. Mortgage Servicer Satisfaction Study,SM released today, customer satisfaction suffers when there is a lack of trust in the servicer.
"Mortgage servicing has always been an opaque experience for customers with the firms originating, owning and servicing the loans often being different and changing over time,” said Craig Martin, executive managing director and global head of wealth and lending intelligence at J.D. Power. “In a time when brand reputation, customer trust and customer satisfaction are going to be even more critical for attracting and retaining business, different business models will be put to the test in different ways. Managing to the average is dangerous. Firms that are selling the value of the end-to-end relationship and working to build customer advocates will not succeed if they are satisfied with only being technically proficient. Even for firms primarily focused on sub-servicing—an area where compliance, efficiency and resource optimization are paramount—it’s critical to realize that customer perceptions heavily influence actions and, as a result, affect the bottom line.”
Click here to read the full press release, including key findings from the study and brand rankings.