Industry NewsMortgage

Mortgage servicing tied to repeat business

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Customer satisfaction with companies that service mortgages has declined for a second year in a row, according to a survey by J.D. Power and Associates -- a potential problem for lenders looking to land repeat business.Customers with "high levels of commitment" to their servicer are more than three times more likely to say they “definitely will” continue to do business with their current lender than those customers with "moderate" levels of commitment, J.D. Power said in announcing results of the 2008 Primary Mortgage Servicer Study.Customer satisfaction scores were tied to the number of problems borrowers experienced, how servicers resolved problems that did arise, and customer adoption of electronic billing and payments. Most customers view their mortgage servicer as akin to a utility company, said Rocky Clancy, executive director of financial services at J.D. Power."They just want things to work, and they expect a friction-free experience," Clancy s...