There’s no use belaboring the point that the U.S. (and global) economic outlook is uncertain. However, since the Brace 2023 Mortgage Servicing Survey has shown economic uncertainty to be the primary pain point for the majority of homeowners, we cannot ignore it.
Last year, Brace’s Mortgage Servicing Survey focused on homeowners’ understanding of mortgage servicing and their expectations about how they should be able to access their most valuable asset. Looking back on 2022, this year, we dive into homeowners’ overarching demand for relief after years of tumult and how Servicers can assist in providing it. Like anyone searching for a way out of an uncomfortable situation, understanding the cause of the problem provides the most direct path to favorable solutions.
For homeowners feeling the pinch of record-level inflation and economic uncertainty, it’s no surprise that the demand for education is skyrocketing. With 85% of respondents concerned about inflation, 69% of homeowners said they would welcome educational information from their Servicer about strategies for managing their mortgage finances and home equity. The same percentage (69%) said they would work with their Servicer to set financial goals if given the opportunity.
For Servicers interested in providing this type of assistance, the Brace 2023 Mortgage Servicing Survey shows becoming knowledgeable of each homeowner’s unique living situation is critical to its effectiveness. Being able to easily access borrower metrics such as single verse multi-borrower households, age, and ethnicity can help Servicers deliver customized education while having a broad reach. Based on the overall answers of respondents, the Brace survey found that homeowners can benefit most from becoming more educated in the following areas.
Coming full circle back to the Brace 2022 Mortgage Servicing Survey, the only way for Servicers to realistically provide quick relief and education to their homeowners is through a secure and stable infrastructure with these goals in mind. The 2023 Brace Survey shows that digital accessibility has become table stakes for virtually every industry, and consumers are becoming more critical of financial service providers—quickly losing trust due to poor customer experiences.