"Mobile is the future of lending, said Bruce Gehrke, senior director of wealth and lending intelligence at J.D. Power. There is no more effective way of being present at the exact moment when customer decisions are being made, and mortgage servicers who are getting their app formulas right are starting to recognize that having a great app is core to driving customer engagement and brand loyalty."
"Mortgage servicing apps receive an average satisfaction score of 704 on a 1,000-point scale, which is 22 points lower than mortgage servicer websites. Wealth apps scored 38 points higher on average while retirement provider apps scored 35 points higher. The study found that just 44% of servicing apps deliver basic reliability and a clean, modern design. Far fewer offer features that borrowers say add real value. Only 12% allow users to easily set up alerts, make extra principal payments, or identify potential escrow shortages or overages."
Responses were collected in September and October from borrowers who used their servicer's website or mobile app within the previous nine months. The sector's slow adoption of mobile technology has left many customers relying on outdated websites or offline communication. Some servicers have developed apps that meet industry standards, but many still lag behind digital tools offered by other financial services firms. Mortgage servicers have invested in modernizing tech stacks and operations, yet that investment has not been applied consistently to mobile apps. Mortgage servicing apps average a 704 satisfaction score, 22 points lower than servicer websites. Only 44% of apps deliver basic reliability and a clean, modern design, and just 12% offer features like alerts, extra principal payments, or escrow forecasting. Bank of America scored 784, Chase 762, and Wells Fargo Home Mortgage 754.
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]