The results for the Mortgage Bankers Association's Call Volume Survey Results are in, and it shows a huge increase in mortgage servicers call wait times for March. However, the report also shows that there is a turnaround for April.
"Call volume started to pick up the week of March 16, when wait times more than doubled from 1.5 minutes to 4.8—leading one out of 10 callers to give up before speaking to a representative," according to The Real Deal
. "Wait times ballooned to 13 minutes the following week, leading as many as one in five callers to hang up before being connected. The average length of calls has also increased by about a minute."
The report shows that there has been a decline in call wait times for the week of March 30 to April 5, from 13 minutes to 10.3 minutes. Experts believe that this is not due to a decrease in volume, however, it is attributed to servicers beginning to adapt to the current state of the industry. MBA senior vice president and chief economist Mike Fratantoni believes the mortgage industry is becoming better at reallocating staff and increasingly utilizing its Web sites to help borrowers.