J.D. Power Reports: Customer Satisfaction Improves as Primary Mortgage Servicers Strive to Comply With New Regulations

July 18, 2013
Sacramento Bee 
mortgage lending news

On a scale of one to 1,000, J.D. Power reports that primary mortgage servicers have boosted their score for overall satisfaction to 733 in the 2013 survey from 725 last year. The improvement follows new Consumer Financial Protection Bureau rules -- which have prodded servicers to ensure that their policies and procedures are in compliance -- as well as reforms under the 2012 National Mortgage Settlement, which stipulate adequate training of staff, elimination of improper fees and practices, the appointment of a single point of contact for loss mitigation purposes, and improved communication. "This study helps gauge the effectiveness of firms' servicing capabilities from the customer's perspective," explains J.D. Power's Craig Martin. "The fact that satisfaction continues to increase seems to indicate that changes being made in response to these new regulations are having a positive impact on the experience of customers." In measuring customer satisfaction and ranking individual servicers, J.D. Power looks at billing and payment processes, escrow account administration, website, and telephone contact.

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