JD Power Survey Shows Customer Service At Major Mortgage Servicers Is Between Terrible and Horrible
J.D. Power’s latest customer satisfaction survey revealed that major mortgage servicers have a serious trust problem with their clients. Servicers also lack a digital platform to efficiently solve their clients’ problems.
The survey is based on responses from 7,531 customers who took out a mortgage or refinanced more than 12 years ago.
The survey showed that 70% of mortgage customers said they do not trust their mortgage servicer. As a result, J.D. Power says that mortgage servicers have the lowest customer satisfaction scores in all their surveys.
Mortgage servicers ranked just below life insurance salesmen. However, they did rank above health plans.
About 60% of customers said they are accessing information through their servicer’s website and 31% are accessing their information from a mobile device. These rates also are notably lower than in other sectors of retail banking.
Another problem arises from transferred customers. These customers consistently gave their mortgage servicers low scores.
The survey also stated:
How The Major Mortgage Servicers Ranked
Only three national banks made the top 15 of the list. Bank of America, Citibank and JPMorgan Chase scored above the national average. The rest were medium or regional banks.
Except for Quicken Loans, none of the major non-bank servicers ranked above the national average.
Ocwen ranked the lowest with a score of 657. They even trailed the troubled Ditech and Cenlar. Both of which had a score of 710.
Also, USAA and Navy Credit Union trounced everyone with a score of 894 and 877 respectively.