Results of this year’s survey indicates that servicers need to rethink their customer experience strategy. The recently released J.D. Power 2019 Primary Mortgage Servicer Satisfaction Study showed that mortgage customers don’t have confidence in their servicer with key results including:
- 70% of mortgage borrowers do not completely trust their servicer. Notably, the other 30% were three times more inclined to return to the same servicer in a purchase scenario.
- Almost 60% of borrowers use their mortgage servicer’s website and 31% are using mobile applications, both fall behind usage for retail banking. “Best-in-class” however, had nearly 20 percent greater usage rates for features such as alerts and messaging.
- Borrowers with transferred servicing had lower scores, with mortgage payment and escrow account issues noted. This is not unique but indicates that servicers still have work to do when it comes to handling servicing transfer borrowers.
The customer experience is a key component when handling delinquent borrowers as well. With borrowers already reticent to return collection calls, servicers need to have a strategy to engage customers and instill trust throughout the mortgage lifecycle. Hello Solutions aligns law firms and servicers to facilitate engagement and collaboration on default legal issues, including business nuances and obstacles encountered by borrowers facing delinquency scenarios. Our goal is to support these partners in their collective efforts to develop creative default solutions and strategies. Contact us today at [email protected] for more information on how the right partner can help you successfully manage the customer experience in default servicing.
The press release and link to this year’s J.D. Power Primary Mortgage Servicer Satisfaction Study can be found by clicking here.