When it comes to paying a mortgage, more than half of consumers blame their late payments on a lack of funds, according to a survey
conducted by ACI Worldwide and MasterCard Advisors.
In a poll of 400 consumers, 57 percent of respondents admitted that they did not have the money to cover their bills, while 34 percent blamed bad billing and payment experiences for their late reimbursements, 23 percent admitted that they forgot to pay, 17 percent prioritized other bills over their mortgage payments and 11 percent found the payment process complicated.
Millennials were particularly cranky when it came to mortgage payments. Over half of the Millennials surveyed said they are dissatisfied with current payment methods like ACH, online banking and check, while more than 30 percent said they contacted their mortgage servicer for questions and complaints regarding the payment process
But that is not to say that borrowers do not take their payments seriously. Beyond interest rates, 57 percent of respondents said they choose their mortgage lender based on how they accept payments. Steve Kramer, vice president at ACI Worldwide, noted that four of the top 20 mortgage servicers accept card payments for mortgage invoices.
“When it comes to mortgage payments, we’ve gone beyond early adopters to the early majority stage, which is further reinforced by this new data,” said Kramer. “Card payments will—and continue to—enhance ease and convenience for mortgage customers.”