The research showed a strong contrast to the limited choices provided by most servicers.
“The responses from the more than 100 individuals from around the country clearly showed that student loan borrowers want to choose the communication channel that best suits their lifestyle and that traditional servers are not providing those channels,” said David Johnson, CEO of First Associates Loan Servicing. “Individual communication preferences change constantly, driven by a variety of factors from loan lifecycle to employment status. Recognizing preferences and incorporating them into operations drives enhanced performance for lenders and superior customer experiences for borrowers.”
The survey was conducted over a one-week period in February, with approximately 75 percent of participants indicating text, email and mobile phone were evenly split as their top three preferences for daily communication use. More than 90 percent of respondents said it was either important or very important that loan lenders or service providers contact them the way they like the most.
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First Associates is one of the nation's premier consumer loan servicing firms comprised of a team of professionals with world class experience, first-rate knowledge and exceptional technology. First Associates provides best-in-class servicing for titled assets and unsecured loan portfolios with a staff that is committed to providing the highest level of service to borrowers while maximizing lender and investor returns. More information is available at www.1stassociates.com.