Homeowners want to feel supported by their mortgage servicers, particularly with a possible recession looming, according to the results of a current J.D. Power study charting mortgage servicer satisfaction.
Overall customer satisfaction for mortgages originated and serviced through the same company was 646 (on the 1,000-point scale), though satisfaction scores dropped to 513 when the mortgage was transferred. Customer trust fell 145 points to 511 when a loan was transferred versus if this was originated and serviced through the same company. Businesses that transferred loans suffered significantly when it comes to customer satisfaction; only 15% of customers who had their loans transferred said these were \”very likely\” to think about while using original lender later on. From the top 5 highest-ranking mortgage servicers, three were banks: Huntington National Bank (having a satisfaction score of 669), Regions Mortgage (661) and Chase (658).
More than four in 10 mortgagees with transferred loans said the process wasn't \”very easy.\” Among this group, problem incidence was higher (27%) compared to problem incidence among customers who said the process was \”very easy\” (12%). When the transfer process was perceived as \”very easy,\” satisfaction was 183 points higher than once the process was \”somewhat easy,\” \”somewhat difficult\” or \”very difficult,\” and these customers were much less likely to interact with a live representative.
\”Customers respond favorably when brands communicate their intentions and provide clear guidance on what's happening and why,\” said J.D. Power's Tom Lawler, adding that mortgage industry complexity, particularly transfers, \”creates challenges in customer understanding,\” which client satisfaction increasingly will be \”critical\” to mortgage brands' success. \”Transparency is a big part of allowing the trust which will determine business success,\” he said.
