Servicers need to focus on the areas of their business that are controllable in order to effectively manage rising costs and ensure the brand supports future business development efforts. To successfully meet these challenges and remain competitive, it is imperative to understand critical trends in customer preferences as well as your own performance through an objective competitive lens.
The J.D. Power 2016 U.S. Primary Mortgage Servicer Satisfaction StudySM provides detailed information and insights on the performance of more than 30 of the largest servicers. The study evaluates performance across six key customer factors:
- Billing and Payment
- Escrow Account Administration
- Interaction (Online, Live phone, Automated phone)
Subscribers receive targeted real-world guidance to help them effectively prioritize and improve on the opportunities that are most impactful to their bottom line.
Study deliverables include:
- Third-party evaluations, providing unbiased information that measures customer satisfaction, operational effectiveness, communications, and company brand qualities, which can aid in strategic planning and decision making
- On-site executive presentation and management insights to improve performance, which include customized strategic recommendations, study results, ongoing best practices, and analyses of high-performing mortgage servicers
- Access to information through the J.D. Power Voice of Experience (VoX) online analytical tool, which includes your company’s detailed performance on key metrics in the study and allows the ability to customize data to analyze your competitive position
- Access to competitive information through unparalleled reporting tools, data access, what-if simulators, and raw data, all which enable peer set and benchmark analyses
What’s New in 2016?
The 2016 study explores the following key topics:
- Reputational Risk Management/Regulatory Impact: Proactively managing customer complaints in today’s highly visible regulatory environment is a major challenge for mortgage servicers. What are the keys to containing customer complaints internally and preventing escalation to the CFPB and other external governmental regulatory agencies?
- Self-Service: Controlling rising costs is a key challenge for servicing leaders. How can servicers achieve this goal while also maintaining or increasing customer satisfaction?
- Retention/Replenishment: Servicer profitability is increasingly impacted by the ability to keep the customers you have and to grow your portfolio in a cost-effective manner. What are the keys to creating an experience that puts you in the best position to retain your existing customers and supports the acquisition of more loans?
- Millennials: Consumers in one of the largest generational groups in history are now entering the mortgage market and have unique demands and expectations. How effective are servicers in meeting their needs, and what opportunities exist in the future?