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Best and worst lenders

By Polyana da Costa · Bankrate.com
Thursday, November 14, 2013
Posted: 5 pm ET

Borrowers have become more satisfied with their mortgage lenders compared to last year, according to a survey by J.D. Power.

On a 1,000-point scale, overall customer satisfaction with loan originators improved to 771 this year from 761 last year. The survey is based on responses from more than 3,250 customers who got a new mortgage, or refinanced in the past 12 months.

Communicating better

"Two areas that improved the most were the application approval process and the closing process," says Craig Martin, director of the financial services practice at J.D. Power.

Lenders seem to be doing a better job of communicating with customers, Martin says. And the trend is expected to continue as lenders try to differentiate their services to compete for business from homebuyers, now that the demand for loans from refinancers is shrinking.

"There has been a renewed focus on the customer experience in the mortgage industry over the past few years," he adds. "Now, there's going to be a hypercompetition for a much reduced population of customers, so I think their experience will continue to improve. It's a good time to be a borrower."

Bummer over fee surprises

But there's still plenty of room for improvements, he says. That's especially true for homebuyers. About 17 percent of first-time homebuyers in the survey report they incurred additional fees at closing, compared to 8 percent of repeat buyers and 7 percent of refinancing customers.

The loan originators that ranked highest for customer satisfaction in the survey are:

  • Quicken Loans
  • BB&T
  • U.S. Bank
  • PNC Mortgage
  • Chase

The loan originators that ranked the lowest for customer satisfaction the J.D. Power survey are:

  • Fifth Third Mortgage
  • Provident Funding Associates
  • Bank of America
  • Flagstar Bank
  • PHH Mortgage

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Follow me on Twitter: @Polyanad.

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29 Comments
ozric
November 20, 2013 at 7:54 pm

When will America wake up to the fact that our government has been run by the large corporations for years now. Stop complaining and get out and protest.

John
November 20, 2013 at 5:40 pm

Wow. Someone said:
"We are examples that patience and persistence can pay off. I give high marks to Wells Fargo."
Are you kidding me?? Patience and Persistence of what? Trying to get you're mortgage lender to bail you out of the balance that YOU owe and the interest rate that you have on you're mortgage? It is awful that America has come to that, bragging about being bailed out of money that THEY borrowed.
No, You are examples of someone that took out a mortgage for X amount at X interest rate, and cried to you're mortgage lender because you thought the payment was too high. The housing market had nothing to do with the fact that you borrowed X amount of money for X interest rate. Im bought a stock a few years ago that tanked on me, I lost 80% of my initial investment. Should I call the stockbroker and ask for money back??

Gary
November 20, 2013 at 12:59 pm

There was SO much fraud committed by mortgage brokers AND very lax reviews by loan purchasers. This does not mean that the borrowers were innocent in this mess, as they committed to monthly payments which were far beyond their abilities to pay.

doug
November 20, 2013 at 11:08 am

You guys are idiots. Complaining about home loan modification programs? If you had not overspent because YOU did'nt educate yourself, there would be no need for any of this. If I were Wells Fargo I wouldnt work with any of you yahoos either. "Oh I am a waitress and make $8.50 an hour, and my husband works in the Shoe Dept. at Dillards - we bought a $450,000 home on an ARM and now we need help because we're in foreclosure". You should be thankful; the Govt went too far on this, and should have let all of you lose your homes.

Susan
November 15, 2013 at 8:31 pm

I have to say that we were able to get two HAMP modifications, Tier 1 and Tier 2. With our second modification they actually forgave a huge chunk of the principal . Yes, there were copious documents, some numerous times, many phone calls and faxes sent, but in the end, Wells Fargo worked with us and found workable solutions to save our house from foreclosure, not once, but twice! I know several people who lost their homes because they ignored deadlines, or just gave up because they were tired of waiting and sending documents. We are examples that patience and persistence can pay off. I give high marks to Wells Fargo.

Donald
November 15, 2013 at 7:55 pm

I was one of the few to obtain a mortgage mod from Wells Fargo,
and believe me, it wasn't much. I feel for all of you in this position, but the government will be the last to do anything.
You should see the videos "Agenda" and "Behold a Pale Horse", and while this won't help you, you might begain to see what's happening.

Harry
November 15, 2013 at 6:07 pm

Wells fargo ~ is there a worse mortgage company out there? They made promises over and over again and then rescinded each time.
Gave us absolutely ridiculous excuses for denial of modifications. We just wanted a competitive interest rate which they said they could do based on our excellent history with them. The battle almost ended with a foreclosure. They are MONSTERS!

a mendini
November 15, 2013 at 4:53 pm

where does wells fargo/Wachovia fall on this list? they take the cake

Molly
November 15, 2013 at 4:31 pm

I had a loan with Ocwen and experienced the same as John. Made large payments each month only to see what I owed go down just slightly. They sold it off to PHH. Hate both of them. They are total crooks!! I have never had a late payment yet they still are unwilling to work with you for lower interest rates. The government should investigate into these corporations scamming their customers.

russ salois
November 15, 2013 at 4:10 pm

OCWEN BIGGEST THIEVES IN THE MORTGAGE WORLD PUT OUR HOUSE UP FOR SHORT SALE OWED ABOUT $276,000 OFFER CAME IN AT $300,000 IN LESS THAN 2 WEEKS THAT WAS 6 MONTHS AGO AND ALL THEY ARE DOING IS CHARGING US FOR MAINTENCE FEES NOW THEY SAY WE OWE ABOUT $325,000 WHEN IS THE GOVERMENT GOING TO DO SOMTHING ABOUT THESE THIEVES

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