Mortage Servicer Satisfaction Surprises

Some guy with a twisted sense of humor actually took a really bizarre survey recently. We can’t say it involved the kind of questions we would ever ask homeowners, but hey, we are not trying to win a popularity contest. Basically a company decided to find out just how (un)satisfied homeowners are with their mortgage servicers.

Bad question for a bad market, right?

They were looking to judge 4 critical areas:

– ease of billing

– escrow account admin

– user-friendliness of website

– phone contact

Now imagine the scenario. You’re trying to do this survey during a really tough time in the housing market when people are losing homes, values are low, and all around a lot of people feel lousy. And then cheery mister survey-man rings up and says, “So, just how satisfied are you with your mortgage servicer?”

We can just picture the phone exploding from both ends.

But oddly enough, the survey points out that overall satisfaction is actually up from last year: 72.5% this year as opposed to 71.8% last. We found that pretty surprising. But then we realize a few things:

– Of course phone contact went up: more at-risk customers means more time spent in contact.

– Customer satisfaction rose by 52%: this could mean servicers realize just how precarious their situation is and are playing nice.

However it may be, we think the industry as a whole is waking up to the changing needs of the homeowner. They can’t treat everyone like their doing them some kind of favor. There’s still lots more work to be done though. We think we could hear some pretty important points brought up in the comments section so leave your thoughts and let’s get the ball rolling.