Mortgage Servicers Call Wait Times Skyrocketed In March – NMP
Industry News

Mortgage Servicers Call Wait Times Skyrocketed In March

Apr 20, 2020
Workers in a room or call center.
A headshot of Navi Persaud
Director of Events

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. 
 
 
About the author
A headshot of Navi Persaud
Director of Events
Navi Persaud is Director of Events at NMP.
Link copied
Published
Apr 20, 2020
Get the NMP Daily
Tech
Originators Rank Marketing As Their Biggest Tech Bottleneck

Four OriginatorTech demonstrations showed how vendors are applying AI and automation to content, database outreach, and loan operations

Mortgage technology companies spend plenty of time talking about faster files and smoother closings. But originators attending National Mortgage Professional’s latest OriginatorTech Demo Day pointed to a more immediate problem: marketing.Content creation and marketing topped...

Continue reading
Non-QM
GenWay Brings AI Automation To Non-QM Underwriting

The wholesale and correspondent lender plans to move six underwriting automation products into production within three months

GenWay Home Mortgage has deployed Tavant’s TOUCHLESS mortgage automation platform across its Non-QM and government-lending businesses, extending the industry’s push to automate underwriting beyond conventional agency loans.The national wholesale and correspondent lender is u...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
Fed Hike Raises HELOC Costs While Mortgage Rates Stay Near 7%

Prime rose to 7% while the 10-year Treasury remained near 5%, giving originators two different borrower conversations

Industry News
Sep 17, 2026
Rocket Raises Conforming Loan Limit To $845K Ahead Of FHFA

The higher limit gives brokers more room to keep borrowers from crossing into jumbo territory

Industry News
Sep 10, 2026
Rocket Pro Launches ‘Moving Squad’ To Recruit Brokers From UWM

Rocket is offering partners up to $10,000 to help bring UWM brokers onto its platform

Industry News
Sep 01, 2026
NEXA, UMortgage Leaders Explain What Drove Acquisition

Kortas relinquishes the CEO title, elevating Casa to co-equal "executive partner"

Industry News
Aug 31, 2026
Warsh Sees Housing Strain, Keeps Rate Hikes In Play

Fed chair says broader financial conditions remain loose, inflation is too high, and markets should expect less guidance on what comes next

Industry News
Aug 31, 2026
July CPI Eases Mortgage-Rate Risk, But Doesn’t Promise Relief

Consumer inflation rose just 0.1% in July, reducing pressure for a September Fed rate hike as mortgage rates remain near their highest levels of the year

Industry News
Aug 13, 2026