Overall customer satisfaction has come a long way since the financial crisis, with overall satisfaction average increasing to 754 in 2014, up from 733 in 2013, according to the J.D. Power 2014 U.S. Primary Mortgage Servicer Satisfaction Study.
“Satisfaction is improving, specifically among those customers having a hard time paying their bills, primarily because lenders are improving the experience by making it easier for them to use the website or their smartphone to make payments, resolve problems or get answers to their questions,” said Craig Martin, director of the mortgage practice at J.D. Power.
“As more consumers use smartphones and tablets and younger tech-savvy borrowers begin to buy homes, the desire to use online and mobile channels will inevitably increase,” added Martin.
The study analyzes four factors of the mortgage servicing experience: billing and payment, escrow account administration, website and phone contact. It is then measured on a 1,000-point scale.
Click the next pages to see which lenders came in as number 1 and 2.
1. Quicken Loans -835
Reigning in at number one, this is the first mortgage-servicing award for the Detroit-based lender. The company has, however, won several similar accolades for its mortgage originations.
“Our special and unique culture allows our 10,000+ team members to participate in the process of delivering an outstanding experience for all of our clients, every time, without exception,” said Dan Gilbert, founder and chairman of Quicken Loans.
Our people are passionate about everything that is related to ‘wowing’ each one of our clients. They look for the inches as well as the ‘big ideas’ that keep us ahead of our competitors. Most importantly, we empower our brainforce to make decisions without the typical stifling and poisonous bureaucracy that is unfortunately found in most large financial institutions in today’s world,” he added.
2. Chase Mortgage -782
As number two, Chase made the list for its investments and focus on improving interactions with its customers has made significant progress.
The bank services seven million mortgages with combined balances of $1 trillion
“We are so proud of these results and the tremendous accomplishment that it represents for our team,” said Mike Weinbach, head of servicing for the mortgage Bank.
“There has been a significant jump in satisfaction in many different areas of servicing and that shows strong forward momentum in our mission to create lifelong relationships with customers,” Weinbach added.