As we all sit on the edge of our seats, wondering if our new normal is here or if a new variant will send us into another winter of hibernation, there is good news for mortgage servicers, as well as opportunity. This year’s J.D. Power U.S. Primary Mortgage Servicer Satisfaction Study shows that overall customer service satisfaction has actually improved under COVID-19. Do not be perplexed by this seemingly upside-down compliment. Servicers have remained solidly on the frontline, assisting borrowers as they have sought forbearance and other loss mitigation options to ward off pandemic delinquency or foreclosure.
Mortgage servicing is at a point of inflection, as this segment of the industry becomes more innovative and customer centric. The focus at this year’s Mortgage Bankers Association National Mortgage Servicing Conference and Expo highlighted this element, hitting the present and ‘the now’. The industry event in Orlando, Florida, appropriately themed “Servicing NOW!” explored the lessons of the past and the promise of tomorrow.
Summer is here! For many, this indicates the start of family vacations, time at the beach or pool, and barbeques with friends. For those that live along the Atlantic and Gulf coast, summer also marks the beginning of hurricane season.
Through Google searches and an increasing presence of online accounts, today’s consumer has an abundance of information available at their fingertips. Having information readily available when customers want it, empowers them to be self-sufficient. With 71% of consumers wanting the ability to solve their own customer service issues, self-service technology enables the customer interaction that shapes their experience in a way that works for them.
The term “workflow” isn’t new to the world of software. It’s used to describe how organizations are streamlining their business processes with automation to eliminate manual tasks and gaps. So what’s the big deal and why is implementing a workflow automation application so important?
The Mortgage Bankers Association convened its 2017 National Technology in Mortgage Banking Conference & Expo in Chicago on March 26 – 29, 2017. Participants discussed the evolving role of technology in the mortgage space. The timely conversation comes as the National Association of Realtors’ 2017 Home Buyer and Seller Generational Trends recently reported Millennials make up the largest share of homebuyers at 34%, with 92% of them turning to online resources to conduct their home searches.
Customer Satisfaction is the main ingredient in achieving customer loyalty, credibility, repeat business and securing the competitive edge. When you think of customer satisfaction, soft skills and human involvement typically come to mind; however, recent industry surveys illustrate that technology is playing a big part in success stories. Mortgage lenders that have spent sizable time and energy working on improving technology and operational efficiency are now achieving better-quality customer satisfaction scores.
Customer engagement is a dictum in the mortgage industry. We are all accustomed to the increased focus on the customer from a regulatory perspective, largely thanks to the creation of the Consumer Financial Protection Bureau (CFPB). Engaging the customer throughout the mortgage lifecycle is quickly becoming an essential factor of success. From pre-qualification through loss mitigation, understanding how to engage the changing face of the mortgage customer is on everyone’s mind.
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