Servicer digital experience could shape who wins the next refi
JD Power says bank servicer customers are more likely to have other accounts or products with their servicer (74% vs. 22%) and to say they know its website or app well (60% vs. 40%). Satisfaction among bank servicer customers is higher than among non-bank customers, even among those who know the website or app equally well.
“Bank customers are accustomed to using those apps,” Gehrke said. “You’ve got online banking websites, mobile apps for online banking. Folks are using them, sometimes on a daily basis. They have a lot of familiarity with them. They know their way around. And there’s been a lot of money invested in them.”
The study asks customers to complete specific tasks, such as setting up autopay or working through escrow, and rate the experience, which Gehrke compared to mystery shopping. JD Power runs the same methodology across roughly eight or nine studies, which lets it benchmark servicers against brands outside mortgage.
“Most people, the average homeowner, does not have a servicing relationship with multiple mortgage companies. It’s one at a time,” Gehrke said. “They can’t really compare Rocket to Guild. What they can compare Rocket to is Bank of America or Chase if they have accounts over there, and maybe State Farm on the insurance side, even things like Apple or Amazon.”
Rocket Mortgage led non-bank servicers on both measures, scoring 719 for its app and 739 for its website against segment averages of 680 and 704. Only Rocket and Lakeview scored above the average on both.
