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.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20151123006272/en/
Michelle Van Dyke, President of Fifth
Third Mortgage Company (Photo: Business Wire)
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151123006272/en/
Fifth Third BancorpLaura Trujillo,
513-534-4361Laura.trujillo@53.com
Fifth Third Bancorp (NASDAQ:FITB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Fifth Third Bancorp (NASDAQ:FITB)
Historical Stock Chart
From Apr 2023 to Apr 2024