Fifth Third Mortgage Company ranks second among all major mortgage
originators in overall customer satisfaction, according to the newly
released J.D. Power 2015 U.S. Primary Mortgage Origination Satisfaction
Study.
Fifth Third moved up five positions from its No. 7 spot in 2014,
increasing its satisfaction scores in most areas. It jumped 33 points,
compared to the industry average of 7 points.
"We keep the customer at the center of everything we do," said Chad
Borton, executive vice president and Head of the Consumer Bank, Fifth
Third Bancorp. “The study reinforces what we know is important to our
customers – keeping them updated on their loans, resolving any concerns
quickly, and working as a team to ensure our customers get the best
service.”
The study measured customer satisfaction with the mortgage origination
experience in six factors: application/approval process; interaction;
loan closing; loan offerings; onboarding; and problem resolution.
Overall mortgage customer satisfaction has increased this year in the
industry as lenders have focused on developing functional digital
channels and improving operational efficiency, according to the study.
Fifth Third ranked second with a score of 812 out of 1,000. Overall
industry customer satisfaction with mortgage origination averaged 793 in
2015. This increased 7 points from 2014.
Fifth Third’s highest increase came in the application/approval process.
The Mortgage Company’s satisfaction rate increased 57 points, compared
to the industry average increase of 22.
The increase in overall satisfaction in the industry was driven by this
22-point gain in the application and approval process factor. When loans
closed earlier than promised, satisfaction was significantly higher
compared to when loans closed as expected. This is particularly
important with the new TILA- RESPA Integrated Disclosure, which went
into effect in October. The new disclosure, also known as the “know
before you owe” regulation, created similar disclosure documents for the
loan estimate and the closing document, making it easier for consumers
to read and compare. The disclosure also has the potential to increase
the mortgage timeline, as any changes of substance require a three-day
review.
“It’s all about giving people choices at the right time, and time to
make choices,” said Michelle Van Dyke, President of Fifth Third Mortgage
Company.
Her mortgage team is explaining the changes to consumers before the loan
process begins, updating them at each step.
“That way, there are no surprises and customers know exactly what’s
coming next,” Van Dyke said. “The new regulations are good for the
customer, helping them see the data easier and making the entire process
more transparent.”
Fifth Third Mortgage Company ranks 37th among the nation’s mortgage
lenders. The Mortgage Company services more than $75 billion in loans
and has 900 employees.
Other key findings from this year’s J.D. Power study:
Millennials Seek Guidance: With millennials now accounting for
the largest share of the loan originations in the last two years, it is
notable that nearly four in 10 millennial customers indicate that the
origination process was not completely explained to them, and 58 percent
indicated their options, terms and fees were not completely explained.
Effective Loan Representatives are Vital: Loan representatives
who engage customers, build trust and ensure that borrowers understand
each step of the process can mitigate the negative impact on
satisfaction due to missing closing dates.
Communication Impacts Satisfaction: Communication throughout the
loan process mitigates dissatisfaction with a longer timeline. When the
loan process takes more than two months, satisfaction is 686. However,
when an accurate time frame is estimated and proactive updates are
provided in the same scenario, satisfaction is 859.
The study is based on responses from 4,666 customers who originated a
new mortgage or refinanced within the past 12 months.
About Fifth Third:
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio. The Company has $142 billion in
assets and operates 1,299 full-service Banking Centers, including 101
Bank Mart® locations, most open seven days a week, inside select grocery
stores and 2,630 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois,
Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and
North Carolina. Fifth Third operates four main businesses: Commercial
Banking, Branch Banking, Consumer Lending, and Investment Advisors.
Fifth Third also has a 22.8 percent interest in Vantiv Holding, LLC.
Fifth Third is among the largest money managers in the Midwest and, as
of June 30, 2015, had $304 billion in assets under care, of which it
managed $27 billion for individuals, corporations and not-for-profit
organizations. Investor information and press releases can be viewed at www.53.com.
Fifth Third's common stock is traded on the Nasdaq® Global Select Market
under the symbol "FITB." Fifth Third Bank was established in 1858.
Copyright © 2015. Fifth Third Bank, Member FDIC, Equal Housing Lender,
All Rights Reserved.
Fifth Third Bancorp
Laura Trujillo, 513-534-4361
Laura.trujillo@53.com