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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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128 Comments
MJ
July 31, 2013 at 10:19 pm

I agree that Ocwen is horrible. I called in advance and told them I did not receive a confirmation on a bill I paid on-line. I thought it was my fault and I didn't complete the transaction. I went back on and completed the transaction and received confirmation. The next day, I called to make sure it was not going through twice and they told me no. Two days later I had two charges on my account for my mortgage payment. Ocwen told me sorry but we can not credit you back. We will put it towards your principal. How many people have double the payment laying around. They did not care that my account would be overdrawn after all my bills went through. Ocwen sucks!!!

K. Mc Mahon-Dean
July 31, 2013 at 9:05 pm

we refinanced through Quicken Loans. in Detroit, Mi. our servicing is through Seterus, Inc. Our Mortgage was sold to
Seterus, Inc. and then they contacted us and told us we could go through the Harp program and they were using Quicken Loans if we wanted to use them. The loan was closed quickly and efficiently and sent back to Seterus ,Inc to be the server of the Loan. Just Great.

Margaret
July 31, 2013 at 2:15 pm

BOA is awful. I've tried for the last 2 years to get them to honor the HARP program and they refuse. They simply say that because I have lender paid pmi they're choosing not to allow homeowners like myself with a good payment history to refinance their loan under HARP. They did recommend that I refi with another company if I was unhappy.

JIM MORRIS
July 31, 2013 at 12:09 pm

we have been with BOA for a long time at 6.75.. they
contacted us for a lower rate,,but through no fault of their
own we can not refinance.. they were helpful..we are
struggling with debt from the loss of a 26 year business.

refi could save us $250 per month.. Please help

Rod McDowell
July 31, 2013 at 10:52 am

We are financed with Colorado Employees Credit in Colorado and they are a fantastic server, so good in fact that we are refinancing another loan for our rental property and they are so great that we will have the lowest rates and fast closing.
We make our payments on line or they give self stamped envelopes to send in the payments.

Mark Johnston
July 30, 2013 at 8:35 pm

I thought we had it bad with Saxon Mortgage servicing. We were sold to Ocwen Loan Servicing and things were fine for a while and then it went to hell. Their bookkeeping is questionable, they are totally unresponsive to requests for information. The Ombudsman's office is a joke and a complete waste of time and their practices are shady and underhanded just to say the least.

Beverly George
July 30, 2013 at 5:07 pm

Our first mortgage was sold to Bank of American and recently sold to EverBank. They immediately started soliciting a refi. I replied we were interested and that's where all the service fell apart. I would be most happy to get rid of this mortgage holder. I'm upset with BOA for selling it.

O Carlson
July 30, 2013 at 3:38 pm

I got my new mortgage from someone else, avoiding Wells Fargo. The someone else sold it to Fannie Mae (?), who sold it to Wells Fargo.

Nuts.

steve Burke
July 29, 2013 at 12:07 pm

I find greentree very difficult to work with.

Veronica McCall
July 28, 2013 at 7:57 pm

We have unfortunately had our mortgage transferred a few times over the years and in recent years, got transferred from Litton Loan Servicing (who were HORRIBLE!) to Ocwen Loan Servicing (who are about as horrible as Litton!) So, it doesn't surprise at all to see Ocwen on the LOW rating list!