Mortgage Servicers Score Points with Customers during Pandemic but Threats Loom for Banks, J.D. Power Finds
Industry-wide, mortgage servicers earned high levels of customer satisfaction during the pandemic, increasing overall satisfaction by a significant six points this year (on a 1,000-point scale) through a combination of relief efforts and quick pivots to digital solutions. However, according to the J.D. Power 2021 U.S. Primary Mortgage Servicer Satisfaction Study,? released today, all that pandemic-driven goodwill belies a bigger set of customer experience challenges-particularly for bank-affiliated lenders. As loan forbearance programs come to an end and more normalized customer interactions resume, traditional banks are starting to lose their edge over non-bank lenders.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210729005219/en/
J.D. Power 2021 U.S. Primary Mortgage Servicer Satisfaction Study (Graphic: Business Wire)
"Mortgage servicer satisfaction was buoyed by the industry's response to the pandemic, with some of the biggest gains in customer satisfaction being driven by at-risk and moderate-risk customers who participated in forbearance programs," said Jim Houston, director of consumer lending intelligence at J.D. Power. "However, as we look at post-pandemic customer behaviors and responses of low-risk customers, we see that lift in satisfaction may be short-lived. In fact, despite the attention on relief programs, nearly one-fifth of current mortgage customers have had no interaction with their servicer during the past year. Mortgage servicers will really need to up their customer engagement games as the marketplace stabilizes."
Following are some key findings of the 2021 study:
Rocket Mortgage (which includes Quicken Loans) is the highest-ranked mortgage servicer for an eighth consecutive year, with a score of 860. Guild Mortgage (825) ranks second and Huntington National Bank (824) ranks third.
The 2021 U.S. Primary Mortgage Servicer Satisfaction Study measures customer satisfaction with the mortgage servicing experience in five factors: customer interaction; communications; billing and payment process; escrow account administration; and new customer orientation. The study is based on responses from 8,507 customers who originated or refinanced more than 12 months ago. It was fielded from March through May 2021.
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/2021086.
About J.D. Power
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.
J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company's business offerings, visit JDPower.com/business. The J.D. Power auto shopping tool can be found at JDPower.com.
About J.D. Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info
Presentation Details TBA
Industrial IoT: The Innovation Never Stops
CannTech Expo Exhibit Hall Open