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JD Power Survey Shows Customer Service At Major Mortgage Servicers Is Between Terrible and Horrible

major mortgage servicersJ.D. Power has just confirmed what mortgage customers have known for years. Service at the major mortgage servicers sucks!

J.D. Power’s latest customer satisfaction survey revealed that major mortgage servicers have a serious trust problem with their clients. Servicers also lack a digital platform to efficiently solve their clients’ problems.

The survey is based on responses from 7,531 customers who took out a mortgage or refinanced more than 12 years ago.

The survey showed that 70% of mortgage customers said they do not trust their mortgage servicer. As a result, J.D. Power says that mortgage servicers have the lowest customer satisfaction scores in all their surveys.

The major mortgage servicers ranked just below life insurance salesmen. However, they did rank above health plans.

major mortgage servicersCustomers say part of the problem is the lack of digital offerings.

About 60% of customers said they are accessing information through their servicer’s website and 31% are accessing their information from a mobile device. These rates also are notably lower than in other sectors of retail banking.

Another problem arises from transferred customers. These customers consistently gave their mortgage servicers low scores.

The survey also stated:

This phenomenon spotlights the unique communications and customer experience challenges mortgage servicers still need to address with transferred customers.

The problems plaguing the servicing sector are not new. As Bloomberg recently pointed out, this essential arm of the mortgage market is a disaster and desperately needs fixing.

Read more at MFI-Miami

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