Phone Contact is Key For Mortgage Servicer Satisfaction

According to our 2012 U.S. Primary Mortgage Servicer Satisfaction Study released today, Phone Contact accounts for only 15% of the overall Satisfaction Index.  However, when a customer has a phone contact with their mortgage servicer, this experience increases in importance and accounts for 57%, becoming the most important factor in determining the customer’s overall satisfaction.

Improvement in this area is critical for banks, and the following best practices will help you to create a more positive customer experience:

Emphasize the “who” vs. the “what”

In many cases, customers who call their servicer are facing major financial challenges that require understanding and empathy. When reps do not demonstrate concern and courtesy, they jeopardize the effectiveness of any knowledge they convey.

Understand what resolution customers seek and set appropriate expectations

Mortgage servicers should take the time to understand customers’ goals before explaining the steps to achieving them and establishing a realistic time frame for resolution.

Strive for first-call resolution

Even when problems are not resolved, avoiding the need for additional customer contacts improves their experience. For more complex issues, set clear expectations and proactively contact customers with updates so they will not need to follow up.

Focus on addressing the most common issues, with first-call resolution as a goal

Designing a simple process to address the most common issues reduces the time needed to achieve resolution.  It also demonstrates a level of competency that improves customer confidence in the solutions being provided.  Plus, it helps employee morale!

For more insights and best practices, join us for the 2012 Primary Mortgage Servicer Satisfaction Study webcast!

Complementary Webcast Details:

Date:  Thursday, July 26 – 2:00 PM EST

For more information regarding this study, please contact: Holly Zagresky at (248) 680-6319 or via email at Holly_Zagresky@jdpa.com

Data Source:  The chart included in this post is from J.D. Power and Associates 2012 U.S. Primary Mortgage Servicer Satisfaction Study. 

 

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Two Research Insights Too Big To Miss!

2012 Primary Mortgage Servicer Satisfaction Study

Increasing governmental oversight, the credit crisis, the overall state of the economy, and negative media coverage have created a challenging environment for the mortgage servicing industry. To help mitigate these negative effects, mortgage servicers need to understand and apply key best practices that result in the highest levels of customer satisfaction.

Join us for the 2012 Primary Mortgage Servicer Satisfaction Study webcast during which we will explore the following:

  • How customer’s perceptions of mortgage servicers have changed since 2011
  • How the latest regulations and trends are impacting the mortgage servicing industry
  • Which factors are having the biggest impact on satisfaction of mortgage servicers’ customers

Complementary Webcast Details:

Date:  Thursday, July 26 – 2:00 PM EST

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2012 Credit Card Satisfaction Study Findings

In addition to preliminary findings from the study, we will also present information from the following new sections:

  • Satisfaction with new card application and activation
  • Mobile and social media interactions
  • Expanded diagnostics around online interactions

NEW! Credit Card Website Evaluation Study

Given that online interactions are the single most important factor affecting overall customer satisfaction, we will discuss the following:

  • The interactive surveying approach
  • The comprehensive task set covering the full range of credit card online transactions

NEW! Small Business Credit Card Satisfaction Study

There is evidence that satisfaction rankings of small business card issuers will fall out differently than the traditional consumer rankings. During this webcast, we will:

  • Share results from the 2011 Small Business Banking Satisfaction Study
  • Present a proposal for a new study, the Small Business Credit Card Satisfaction Study, which will help credit card issuers understand the drivers of small business customer satisfaction and in turn improve ROI for this key customer segment.

Complementary Webcast Details

Date:  Tuesday, July 31 – 2:00 PM EST

 

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Craig Martin Joins the J.D. Power Financial Services Team

We are pleased to announce that Craig Martin has joined J.D. Power and Associates as a Director in the Financial Services Practice.

In this role, Craig will focus on developing and delivering high-quality insights, recommendations, and presentations for the investment services and mortgage practice.

Craig brings a wealth of knowledge regarding customer experience. Most recently, he worked as a Product Manager/Vice President at BBVA Compass, where he lead initiatives and projects in support of efforts to increase sales, reduce errors, and improve the customer experience, including development of product packages and a new online account recommendation tool.

Prior to joining BBVA Compass, Craig worked at Regions Financial as an Incentive System and Process Development Manager/Vice President.

He holds an MBA from the University of Georgia, Terry College of Business and a BA in Economics from Vanderbilt University.

If you are interested in scheduling a meeting with Craig, he can be reached directly at Craig_Martin2@jdpa.com

 

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Customers Are Happier With The Mortgage Origination Process in 2011

Overall customer satisfaction with primary mortgage lenders has increased considerably from 2010, according to our 2011 U.S. Primary Mortgage Origination Satisfaction Study. Customer satisfaction in 2011 averages 747 on a 1,000-point scale, up 13 points from 2010.

The study measures customer satisfaction in four key factors of the mortgage origination experience:

1. Application/approval process

2. Loan representative

3. Closing

4. Contact

According to David Lo, Director of Financial Services at J.D. Power and Associates, “the increase in customer satisfaction is driven by improvements in many of the key best practices, including proactive status updates, providing a time frame to expect and meeting it, and providing follow-up contact after the application is submitted. This increase in satisfaction is in stark contrast to the mortgage servicing industry, in which homeowner satisfaction has declined significantly from 2010.”

“The reality today is that it’s a lot harder to get credit than it was a few years ago,” said Lo.  “Many homeowners are stuck in their current mortgage and are unable to refinance due to credit or equity challenges, and they’re not happy about it—thus the drop in satisfaction for mortgage servicing. But on the mortgage origination side, among customers who are able to get credit, lenders are taking the extra steps needed to please their customers, and it shows.”

Primary Mortgage Origination Ratings

Quicken Loans ranks highest among primary mortgage lenders for a second consecutive year with a score of 818, and performs particularly well in the application/approval process and closing factors. SunTrust Mortgage follows in the rankings with a score of 791, performing particularly well in the loan representative and closing factors. ING Bank ranks third with a score of 789. Continue reading ›

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