S&P: Self-Service Residential Mortgage Servicing Increasing
The number of calls per loan to mortgage servicers has decreased as self-service options become more widespread and borrowers can resolve basic requests on their own, reported S&P Global Market Intelligence.
“This allows borrowers to spend more time per call on more complex requests, and thus, we expect an increasing need for call centers with highly skilled agents to handle these more involved requests,” S&P said in a report, The Rise Of Self-Service In The Digital Age Of Residential Mortgage Customer Service.
“The role of the call center is not obsolete,” despite technological advances in the customer service of residential mortgage loan servicers over the past two years, S&P noted. Specifically:
• Self-service technology has become more advanced over the past two years, resulting in a 23% reduction in calls per loan over that period. “As a result, the borrower experience has improved,” the report said.
• But even though calls per loan have decreased, agents spend more than 20% more time per call over the past five years.
• “Because the technology landscape is changing, call centers should adapt and have their employees acquire the necessary skills to manage evolving needs,” S&P said.
Mortgage servicers are taking various steps to manage potential challenges and risks, the report noted.
“This continuing development in the role of the call center will come with growing pains for servicers, which will soon face new challenges in this respect,” S&P said.
S&P noted this report does not constitute a rating action.