Does Your Mortgage Servicing Meet Today’s Borrower Needs?
In an increasingly challenging economic landscape, the relationship between borrowers and their mortgage servicers is more critical than ever. Recent studies highlight a growing disconnect, presenting a clear call to action for the industry.
A recent J.D. Power study found a significant drop in mortgage servicer satisfaction, with scores now 131 points lower than those for originators. While high interest rates are a factor, the core issue, as reported by NMP, is that homeowners are losing patience with a lack of effective communication and personalized service.
Key Highlights from Recent Research:
The Communication Gap: Only 32% of customers give their servicer a high overall communication rating. Personalized communication, such as account alerts, is highly valued and can significantly improve satisfaction.
Service Drives Loyalty: While rates and fees are important, over half of surveyed customers (51%) cited better customer service as a key reason to switch servicers. This is followed by easy access to loan information (36%) and flexible payment options (27%).
Rising Escrow Costs: A majority of homeowners experienced an increase in escrow costs, and those who did reported significantly lower satisfaction scores.
At SCA, we understand the pressures facing both servicers and borrowers. We offer a suite of services designed to help you bridge this gap and optimize your operations, so you can focus on building lasting relationships with your customers.
Loan Servicing Support: Our expert support can help you manage the complexities of loan servicing, ensuring a smooth and communicative experience for your customers. We focus on technology and automation, hands-on training, and formalizing useful job aids.
Assessments and Optimization: We provide comprehensive assessments that set out to identify inefficiencies and pinpoint areas for improvement. Our optimization services are tailored to streamline processes, which promotes a better experience for your team and your customers.
By partnering with SCA, you can navigate these challenges, improve your customer experience, and turn borrowers into long-term relationships.
Have questions? Connect with us by contacting our Director, Bill Dolan, at wdolan@scapartnering.com or by phone at (617) 694-2617.
