![]() ![]() Default risk is also up 4% this year among mortgage customers. Overall satisfaction among financially unhealthy customers is 107 points lower than among customers in the financially healthy category. ![]() Mortgage servicers cannot ignore customers’ financial health : The proportion of mortgage servicing customers identified as financially unhealthy is 54% this year. ![]() When customers lack trust in their servicer, the costs to serve increases materially because those customers will gravitate to more costly service channels and they are at higher risk to take their complaints beyond the company.”įollowing are some key findings of the 2023 study by J.D. Servicers need to ensure they are building trust and engaging with their customers so they can effectively stay ahead of potential problems when customers face financial hardships. We have seen the percentage of financially unhealthy mortgage customers rise to 54% from 48% during the past year. “So far, the worst-case scenarios haven’t come to bear but mortgage servicers need to ensure they aren’t ignoring key advanced indicators. "The past year has been an incredibly challenging time for both customers and the mortgage industry-and there remains a lot of uncertainty,” said Craig Martin, Executive Managing Director and Global Head of Wealth and Lending Intelligence at J.D. Mortgage Servicer Satisfaction Study released July 27, revealed that the combination of reduced financial health, an increased rate of mortgage transfers, and a rise in reported account problems is driving a significant decline in customer satisfaction. As 30-year fixed-rate mortgage hover around 6.8%, the highest level since November 2022, combined with the fact that inflation is still increasing all other prices across the board, mortgage servicer customers are feeling the strain of all of these combined effects.Īccording to the J.D. ![]()
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