Troy-based JD Power published its 2021 US Primary Mortgage Satisfaction Survey, which found that despite high customer satisfaction scores across the industry, non-bank lenders outperformed bank-affiliated servicers in the department, largely due to digital solutions.
“The satisfaction of mortgage servants has been bolstered by the industry response to the pandemic, with some of the greatest gains in customer satisfaction coming from high-risk and moderate-risk clients who have participated in tolerance programs,” says Jim Houston, director of consumer finance analytics. … in JD Power.
“However, looking at the behavior of customers after the pandemic and the response of low-risk customers, we can see that the increase in satisfaction can be short-lived. In fact, despite the focus on relief programs, nearly a fifth of current mortgage customers have not interacted with their service staff over the past year. As the market stabilizes, mortgage companies will really need to step up their customer acquisition games. ”
Overall satisfaction increased six points this year, most of which came from non-bank service centers, up 17 points. Bank-affiliated service providers have traditionally performed better, but this year they are up just four points.
At-risk customers were a key driver of growth, as pandemic abstinence rose 15 points year-on-year, while low-risk customer satisfaction declined by one point. Those who participated in abstinence programs averaged 846 points out of 1000, while those who never signed up scored 783, and 776 for those who were enrolled no longer buy.
Those who have only mortgage relationships with service companies affiliated with banks scored 55 points less than those who also use banking products of service personnel, indicating a difference in satisfaction, in particular for mortgage holders.
Digging through service websites for critical information was another important factor, showing a 55 point drop in satisfaction when customers had to visit more than two web pages to find what they were looking for. Only 38 percent of customers were able to find information on these parameters, indicating the need for better digital and self-service.
The study found Rocked Mortgage (which includes Quicken Loans) in Detroit for the eighth consecutive year ranked # 1 in the service company rankings with 860 points. The Mortgage Guild in San Diego and the Huntington National Bank in Columbus, Ohio came in second and third with ratings. 825 and 824 respectively.
The 2021 U.S. Primary Mortgage Satisfaction Survey measures customer satisfaction with the mortgage service experience across five factors: customer engagement; communications; billing and payment process; escrow account management; and new client orientation. The study is based on responses from 8,507 clients who initiated or refinanced over 12 months ago. It was exhibited from March to May 2021.