2012 U.S. Primary Mortgage Servicer Satisfaction Study Results
It appears that the combination of private and public sector loan modification and refinancing programs has helped reduce the number of delinquent mortgages from last year.
According to the recently released J.D. Power and Associates 2012 U.S. Primary Mortgage Servicer Satisfaction Study,SM overall customer satisfaction with their primary mortgage servicer has increased to 725 points (on a 1,000-point scale) from 718 in 2011. Perhaps the most impressive finding is that the greatest year-over-year increase in satisfaction (+27 points) is among "at-risk" customers--those who are behind in their mortgage payments or concerned they might fall behind. This increase in satisfaction is likely due to loan modification programs provided by either their mortgage servicer or the federal government.
Based on study findings, J.D. Power offers mortgage customers the following tips to help facilitate a smoother mortgage servicing process:
The 2012 U.S. Primary Mortgage Servicer Satisfaction Study is based on responses from 5,623 customers regarding their experiences with their primary mortgage servicer and was fielded between April and May 2012. The study measures customer satisfaction in four areas of the mortgage servicing experience: billing and payment process; escrow account administration; Website; and phone contact.
According to the recently released J.D. Power and Associates 2012 U.S. Primary Mortgage Servicer Satisfaction Study,SM overall customer satisfaction with their primary mortgage servicer has increased to 725 points (on a 1,000-point scale) from 718 in 2011. Perhaps the most impressive finding is that the greatest year-over-year increase in satisfaction (+27 points) is among "at-risk" customers--those who are behind in their mortgage payments or concerned they might fall behind. This increase in satisfaction is likely due to loan modification programs provided by either their mortgage servicer or the federal government.
Based on study findings, J.D. Power offers mortgage customers the following tips to help facilitate a smoother mortgage servicing process:
- If you tried to refinance your mortgage within the past 12 months and didn't qualify, consider trying again. New government programs now make it easier to modify the terms of an existing mortgage or to refinance it. For more information, visit www.makinghomeaffordable.gov.
- If you're worried about your ability to keep your payments current, ask your mortgage servicer about alternative arrangements regarding late payments. Understand that it is also in your mortgage servicer's best interest to keep your account in good standing, so be proactive and talk to your servicer about a payment plan that will work for both of you.
- Avoid paying your bill on the last day of your grace period, as sometimes these payments don't post to your account right away, which may result in fees or other late-payment penalties. Consider paying your mortgage online and taking advantage of all the services and information your servicer provides on their website.
The 2012 U.S. Primary Mortgage Servicer Satisfaction Study is based on responses from 5,623 customers regarding their experiences with their primary mortgage servicer and was fielded between April and May 2012. The study measures customer satisfaction in four areas of the mortgage servicing experience: billing and payment process; escrow account administration; Website; and phone contact.