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Best and worst mortgage servicers

By Polyana da Costa · Bankrate.com
Friday, July 19, 2013
Posted: 10 am ET

Homeowners have grown more satisfied with their mortgage services compared to last year, according an annual study by J.D. Power.

The study is based on responses from more than 4,600 customers and measures how satisfied mortgage borrowers are with their servicers in four categories.

  • Billing and payment process.
  • Escrow account administration.
  • Servicer's website.
  • Phone contact.

Overall satisfaction in these categories was 733 on a 1,000-point scale. That's up from 725 last year.

This is the second year in a row the study shows improvements in borrowers' satisfaction, says Craig Martin, director of the mortgage practice at J.D. Power. Prior to last year, satisfaction had declined each year since the financial crisis of 2008.

Changes mandated by the National Mortgage Settlement and new regulations imposed by the Consumer Financial Protection Bureau seem to be contributing to improve the relationship between borrowers and mortgage servicers, Martin says.

"Lenders are doing a much better job and getting more effective in their communication with borrowers," Martin says.

The servicers that ranked the highest on the survey are:

  • BB&T.
  • Regions Mortgage.
  • SunTrust Mortgage.

The servicers with the lowest rankings are:

  • EverHome Mortgage.
  • Ocwen Loan Servicing.
  • Nationstar Mortgage.

Are you happy with your mortgage servicer? Where would you like to see improvement?

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126 Comments
Trent
November 15, 2013 at 1:56 pm

We had Nationstar for over a year w/o any issues. After a refi out of an FHA loan to Fixed 25 yr Coventional, we have been "transferred to, bought, sold" like commodities to 2 servicers and have received a Notice of Transfer/Servicer to take effect tomorrow(11/16/13). The horrific part is this. Our taxes are coming due and the current(thank gosh, soon-to-be-gone) servicer's online site indicated they would be paying on 12/1/13. Our escrow acct was loaded forward 6 months at refi and we tried to get an additional payment to them for escrow only, to cover a county asmnt fee for energy improvements. We had just made the monthly mort payment via EFT and they paid our taxes one month before they had indicated and over 2.5 months early, giving us an escrow shortatge. To add to it, if possible, they rejected our Check Payment with coupon for escrow because it was lower than our minimum monthly mortgage payment for November(which they had just got electronically).
Bottom line is, they returned our $$ from the Check which they WENT AHEAD AND DEPOSITED ANYWAY after sending a letter of rejected payment. Can't wait to see how it all works out for the new servicer and the easy part(this years taxes). "Shore" wish I had advice to give or knew who to avoid? Wholesale takes on a new meaning these days, and it's not financial benefit to the consumer.

Christine
October 11, 2013 at 3:15 pm

Everhome Mortgage was my servicer. Mortgage sold to them. This servicer made a mistake on my escrow account. Raised my payment $300.00/PER MONTH. They eventually foreclosed even though I received a letter from them admitting the mistake. Waiting for results of agreement with OCC. Bad nightmare.....

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