J.D. Power: Servicer Satisfaction Declines

Consumer satisfaction with the company that services their home loan declined for the second straight year, according to J.D. Power and Associates. The study measures four areas of customer satisfaction: billing, payments, contact with the lender, and annual account administration. On a 1,000-point scale, overall satisfaction fell 14 points to 784 in the 2008 survey. "For most customers, their mortgage servicer is akin to a utility company -- they just want things to work, and they expect a friction-free experience," said Rocky Clancy, executive director for financial services at J.D. Power and Associates. "Bumps in the road" that require consumers to ask questions or solve problems lowers customer satisfaction, he said. The survey found that electronic billing and payment options increased customer satisfaction. Branch Banking and Trust ranked highest among primary servicers for the second consecutive year, with a customer satisfaction score of 839. J.D. Power, headquartered in Westlake Village, Calif., can be found online at http://www.jdpower.com.