Incidence and Impact of Perceived Mortgage Servicing ‘Problems’

Based on data from the 2014 J.D. Power Primary Mortgage Servicer Satisfaction Study, the percentage of customers reporting a ‘problem’ with their servicer has declined slightly over the past year (25% reporting a problem vs. 27% in 2013).

Across the individual problem types, there were noticeable reductions in problems such as:

Website

Escrow account information

Repayment/forbearance plan/short-sale.

Conversely, there was a considerable increase in the percentage of fee-related problems reported by mortgage customers (17% vs. 3% in 2013). In response to this, mortgage servicers must ensure that their customer service representatives are well-educated on fee-application policies and are also provided a level of ‘empowerment’ that will allow them to resolve inquiries during the initial contact from a customer.

And while fees are now the most commonly reported problem, it is also important to note that the ‘negative impact’ of fee problems in the mortgage servicing industry is less profound than other types of problems experienced (-22 index points). Perceived ‘customer service’ (-212 index points) and ‘loan modification’ (-132 index points) problems are most impactful, providing mortgage servicers with further evidence of the need to ensure high quality and consistent customer service.

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