After deteriorating last year, borrowers’ satisfaction with mortgage servicers was no better this year. One interesting observation was that mobile usage slowed. The best servicers were ranked.
The J.D. Power 2018 Primary Mortgage Servicer Satisfaction Study indicated that the industry average score for overall satisfaction was 758 on a thousand-point scale.
Last year, the index — a measure of satisfaction with the mortgage servicing experience based on six factors — was not much different at 754.
The report indicated that mobile customers have the highest satisfaction. But just one-fifth of borrowers use mobile services.
J.D. Power Senior Director of the Mortgage Practice Craig Martin noted in the report, “With only 20 percent of mortgage customers utilizing mobile technology — which is 2 percent below 2016 — availability and adoption of these services has been slow in coming.”
Martin went on to say that even though borrowers’ expectations are increasing — servicing is lagging.
“Servicers not only have to decipher the services that provide the most value to existing and new customers, but they also must solve how best to engage customers,” he said. “Doing so will translate into higher levels of adoption and usage to deliver cost savings and improved experience.
“There is a lot of room for improvement.”
Maintain its status as best servicer was Quicken Loans Inc. with a score of 857. The Detroit-based company’s score improved from 840 in 2017.
No. 2 was TD Bank with a score of 821, followed by Huntington Bank’s 819.
