Situation

Call center statistics and feedback from an annual JD Power Customer Satisfaction Survey identified the need to improve customer understanding of changes to escrow account statements. Senior managers made the decision to launch an improvement project using the bank’s newly-adopted, small-team rapid improvement process.

Team Engagement Strategy

Mortgage Servicing Department employees and supervisors were recruited to participate in a 60-day project, equipped with Rapid Action, a team engagement toolkit for accelerating results.

Rapid Action Project Charter

How can we improve the mortgage escrow statement in order to reduce the number of customer inquiries related to escrow statements, improve response time to questions about statements, and enhance customer perceptions of the Mortgage Services Department?

Sample of Solutions Implemented

1. Redesigned the existing escrow account statement by analyzing customer feedback, benchmarking other mortgage service statements, and reviewing the latest regulatory guidelines and requirements.
2. Created a “How to Read Your Escrow Account Statement” Guide (providing definitions of terms and explanations of features) to be included in mortgage statement mailings and made available online.
3. Updated “Frequently Asked Questions” documentation and increased its accessibility through multiple customer communication documents.
4. Developed a “Payment Change” message for inclusion in escrow account statements to alert customers about any change in monthly escrow payments.