- 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.
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: