Borrowers dealing with mortgage servicers are having their patience tested, according to the 2017 J.D. Power U.S. Primary Mortgage Servicer Satisfaction Study.
The newly released report found 10 percent of mortgage customers complaining that their time was wasted during their most recent interaction with their mortgage servicer, while 66 percent said they had to wait five minutes or more to speak with a customer service representative. And the digital channels fared no better: mobile usage by mortgage customers dropped to 19 percent in 2017, compared to 22 percent in 2016.
“The past few years have not been easy for mortgage servicers as they've struggled with regulatory and market pressures, but still managed to deliver on customer satisfaction,” said Craig Martin, senior director, mortgage practice at J.D. Power. “Now, as that trend starts to shift and customer satisfaction levels off, it is critical that mortgage servicers continue to balance the demands of this tough marketplace with the needs of their customers. Based on our research, mortgage servicers have three very clear areas of opportunity to help drive success: effective onboarding, high-functioning self-service tools and call center best practices that optimize customer contact in step with changing customer demographics and needs.”
For the fourth consecutive year, Quicken Loans was named the top-ranked mortgage servicer by the J.D. Power report. Regions Bank and Huntington National Bank ranked second and third.
J.D. Power polled 7,374 mortgage servicing customers during March and April for its 2017 report.