U.S. Primary Mortgage Servicer Satisfaction Study

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The Challenge

Consumer Financial Protection Bureau (CFPB) servicing regulations now in place are resulting in intense scrutiny as well as major fines for some institutions during the first waves of enforcement. With other state and federal agencies, such as the Department of Justice and State Attorneys Generals, also taking actions against mortgage servicers for servicing practices, many experts expect intense regulatory scrutiny to continue and anticipate advent of additional regulations. While servicers must be prepared to work within the confines of industry regulations, they must also effectively satisfy customers whose expectations regarding technology and personal service are rapidly changing. To meet these challenges and remain competitive, mortgage servicers need to understand and implement key best practices that have the greatest potential to reduce or prevent problems, contain costs, and create positive customer experiences that improve brand perceptions and minimize oversight risk.

The Solution

The J.D. Power 2016 U.S. Primary Mortgage Servicer Satisfaction StudySM examines customer satisfaction with the servicing experience among the largest U.S. mortgage servicers. The study provides a broad understanding of how firms can improve mortgage customer satisfaction and advocacy across six key factors:

  • Onboarding
  • Billing and Payment
  • Escrow Account Administration
  • Fees
  • Interaction (Online, Live phone, Automated phone)
  • Communications

Additionally, the study explores satisfaction among mortgage customers based on behavioral segments, including:

  • Risk/Loan status
  • Servicing transfers
  • Tenure with servicer
  • Specialty programs
  • Demographics

A study subscription provides access to the insights and tools needed to gain a comprehensive, in-depth understanding of how your firm is performing and to identify key areas needing improvement.

Study deliverables include:

  • An industry analysis that provides insights into key industry trends and study findings, allowing your firm to maximize performance throughout the entire mortgage servicing experience
  • Access to a personalized competitive data set, allowing you to see how your firm stacks up against competitors, the industry, and the highest performers
  • A detailed performance analysis that displays key performance metrics and frequencies
  • An executive presentation that provides advisement on areas needing improvement and a summary of your firm’s results against those of key competitors

Mortgage servicing firms that subscribe to the study can gain a greater understanding of their competitive position at a detailed level, allowing them to pinpoint critical areas for improvement and make prudent investments in the service attributes that matter most to customers.

Strategic Customer Segment Analysis

Many J.D. Power clients have expressed an interest in capturing data from a larger sample of their own customer base than is feasible in the context of a syndicated research study. J.D. Power offers the opportunity through either additional panel-acquired or client-supplied sample to conduct a customized analysis of customer segments to help answer such critical business questions as:

  • How successfully are firms delivering the client experience to specific segments of the market defined by such criteria as age, ethnicity, application channel, geography, credit profile, and additional products?
  • How does the firm compare within key customer segments to the broader industry or key competitors?
  • To what extent are key internal initiatives impacting customer satisfaction?