COVID-19 Pandemic Increases Customer Expectations of Mortgage Servicers, J.D. Power Finds
Mortgage servicers have been put to the test during the COVID-19 pandemic as a combination of historically low interest rates, record high unemployment and rising delinquencies have created a surge in customer inquiries. According to the J.D. Power 2020 U.S. Primary Mortgage Servicer Satisfaction Study,SM released today, that surge is being met with more website utilization, long wait times with call centers and very little proactive communication-all of which drag down overall customer satisfaction scores.
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J.D. Power 2020 U.S. Primary Mortgage Servicer Satisfaction Study (Graphic: Business Wire)
"The COVID-19 pandemic has really amplified the gaps in customer satisfaction, digital experience and call center experience that have been a challenge for mortgage servicers for some time," said Jim Houston, director of consumer lending intelligence at J.D. Power. "At a time when the need for streamlined, effective digital guidance and proactive outreach and counsel is more important than ever, mortgage customers aren't finding the answers they need online, pushing them onto long customer service queues in call centers and leaving them to hunt for answers on how best to address their challenges."
The good news is that average industry satisfaction is up from 2019 and many of this year's findings are forward looking, providing lenders with a clear line of sight to what consumers want and expect.
Following are some key findings of the 2020 study:
Quicken Loans is the highest-ranked mortgage servicer for the seventh consecutive year, with a score of 854. Regions Mortgage (846) ranks second and Huntington National Bank (827) ranks third.
The 2020 U.S. Primary Mortgage Servicer Satisfaction Study measures customer satisfaction with the mortgage servicing experience in five factors: communications; customer interaction; billing and payment process; escrow account administration; and new customer orientation. The study is based on responses from 7,275 customers who originated or refinanced more than 12 months ago. It was fielded in March-April 2020.
For more information about the U.S. Primary Mortgage Servicer Satisfaction Study, visit https://www.jdpower.com/business/resource/us-primary-mortgage-servicer-satisfaction-study.
To view the online press release, please visit http://www.jdpower.com/pr-id/2020088.
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable J.D. Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, J.D. Power has offices serving North America, Asia Pacific and Europe.
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