The performance of mortgage loan servicers is lacking in the eyes of many of their customers, even this early in the pandemic driven recession. J.D. Power's 2020 U.S. Primarily Mortgage Servicer Satisfaction Study found customers reporting long wait times to speak with customer service representatives and little proactive communication on the part of the companies.
J.D. Power surveyed customers 7,275 customers who originated or refinanced mortgages more than 12 months earlier on the performance of more than 30 of the nation's largest servicers. The survey, fielded in March and April, looked at performance across six factors, onboarding, billing and payment, administration of escrow accounts, fees, communications, and interaction via websites, live and automated phone. The study also explores customer satisfaction based on behavioral segments, such as risk/loan status, servicing transfers, tenure with servicer and demographics....(read more)