Insight into JD Power’s Mortgage Service Provider Satisfaction Study

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Lenders who received lower ratings were those who anticipated their customers’ needs and proactively provided information relevant to them, usually about payment options and loan changes. However, borrowers also respond to simple messages such as thanking them for their business. The study found that satisfaction scores rose 86 points when lenders thank their customers for their business, a strategy only used by 22 percent of US lenders.

As service centers increasingly seek to take as much boredom out of their employees as possible, it is critical that a service agent’s online experience meets customer needs. That means providing enough information and making it as accessible as possible to keep customers off the phone.

“The lowest number of clicks is the best number of clicks for a consumer because they want to get things done quickly,” says Houston, adding that servicers need to look beyond what their mortgage competitors are doing when evaluating their websites.

“Lender A and Lender B are not compared by consumers,” he says. “Some lenders who have really good website experiences reflect what the industry as a whole has. And when I say “industry” I mean the entire population of websites, especially around this billing and payment process. “

Because forbearance is still an unsolved mystery in the service industry, it is important that service technicians take lessons like this to heart. When a wave of defaults hits the real estate market, borrowers will need answers, and they will need answers quickly. That won’t happen if they’re stuck on hold.


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