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Mortgage
Today’s home mortgage marketplace is more challenging and competitive than ever. Disruptions in some segments of the market have caused consumers to be more selective in their choices. In both the prime and non-prime segments lower demand has afforded customers higher service levels. Many large national lenders have stepped up their ability to provide an error free experience. Today’s consumer is generally more savvy on their mortgage options, resulting in a more discriminating capability when shopping for the best loan and originator. As a result, in this industry, customer service is extremely important. If a prior loan service provider fails to meet a customer’s expectations in any regard, that person is often disinclined to even consider that same lender in the future. Mortgage companies can thrive only by understanding and ultimately addressing their customer’s needs on a continuous basis. The most successful companies have one thing in common—a direct line to the voice of the consumer.
Primary Mortgage Servicer Satisfaction StudySM
Customer Satisfaction Award—
Highest-Ranked Primary Mortgage Servicer Nationally
While the mortgage industry continues to consolidate and sustain swings in refinancing, it is also producing steady improvements in customer satisfaction. This study, now in its seventh year, provides comparative performances of more than 50 of the top mortgage servicers in the country. The study identifies the dominant factors that impact customer satisfaction and behavior related to the servicing of existing mortgages including billing statements, account review, payment processing, and customer contact. The study also explores the drivers of customer loyalty and referrals for additional products and services offered by mortgage servicing companies or their related entities.
Primary Mortgage Origination Satisfaction StudySM
Customer Satisfaction Award—
Highest-Ranked Lender Nationally
Reduced volume of mortgage originations are contributing to an upward trend in customer satisfaction as originators are tightening processes and delivering an overall improved level of service. Competing for market share by delivering an outstanding origination experience is more important than ever. This study identifies key factors that impact customer satisfaction among those who recently closed their loan. Factors examined include the application/approval process, loan officer interactions, and the closing process. The study also provides insights into the customer approach to shopping for a loan, lenders considered and purchase-decision drivers.
Home Equity Line of Credit/Loan Origination StudySM
Customer Satisfaction Award—
Highest-Ranked Home Equity Lender Nationally
Similar to the Primary Mortgage Origination Study, this study provides critical benchmarking information on the leading lenders of second mortgages or lines of credit. The study identifies the dominant factors that impact customer satisfaction and behavior among customers who were recently funded. It provides insights into the customer approach to shopping for a secondary home loan, lenders considered by the home owner and purchase decision drivers, as well as their origination experience.
Home Equity Line of Credit/Loan Servicer StudySM - NEW in 2007
Customer Satisfaction Award—
Highest-Ranked Home Equity Servicer Nationally
Similar to the Mortgage Servicer Study, this study identifies the dominant factors that impact customer satisfaction and behavior related to the servicing of existing second mortgages or lines of credit. Factors examined include funds access, payment processing, problem resolution and customer contact. The study also explores the drivers of customer loyalty and referrals for additional products and services offered by these servicing companies.
Third Party Origination Satisfaction StudySM - NEW in 2008
Independent mortgage brokers are responsible for approximately 70% of the total mortgage origination volume in the U.S. Understanding the underlying factors for selection and usage of lenders is critical to a broker strategy that maximizes share of origination volume. This study will provide the benchmark data needed to compare lenders in the eyes of brokers and understand the strengths and weaknesses of lenders comparatively. Factors studied include payout rates, fees/rates for customers, product variety, turnaround time, document requirements, underwriting flexibility, ease of process, operational platform, problem resolution, and interaction with personnel.
To receive more information on J.D. Power and Associates studies, click here.