A JD Power survey looked at mortgager service satisfaction in these areas:
- new customer orientation
- payment processing and billing
- escrow administration
- account administration
- interaction and communication
- mortgage fees
The study found a “significant decline” in satisfaction this year, attributed in part to the increasing number of millennials entering the market.
After arguably the worst decade in history for the mortgage industry — a foreclosure crisis accentuated by predatory lending and forged, “robosigned” documents — things were slowly improving. Now, consumers are concerned again. This time it is not fraud, but basic customer service, and it may be more about the borrowers than the lenders.
Photo courtesy cnbc.com