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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
JOSEPH
October 09, 2013 at 1:56 pm

How is Carrington Mortgage

Suzanne Gittelman
September 30, 2013 at 6:05 pm

ENG Lending is the worse. Poor communication if you get any at all. Very slow, unprofessional and not to be trusted.

karen
September 09, 2013 at 5:52 am

we have ocwen as our servicer and they did nothing to help us with a loan modification knowing that we have a baloon payment coming up in a few years this was done bt american home mortgage company before ocwen took over our mortgage we tried working with them but they said we had no options and we dont know who to turn to for help and ocwen offers no hope for homeowners they say they do but dont beleive them they lie

Tammie
August 26, 2013 at 5:11 pm

Nationstar Mortgage has to be the worst mortgage company! Our loan was sold to them from B of A, so we didn't choose them. Their customer service is awful! They make mistakes which they do not apologize for even after putting you through h***. They are very difficult to deal with. We would really like to refinance with someone else, but at this time, it just is not cost effective.

Linda McCollum
August 24, 2013 at 2:18 pm

Nationstar just bought out my mortgage from B of A. I was concerned
and I have been pleasantly surprised by my payments being posted
promptly and my additional payments posted to my principal.

EM
August 23, 2013 at 1:44 pm

I agree the Ocwen LLS customer service is horrible: in fact, it's a nightmare. When our loan was transferred to them from GMAC: they had raised our escrow amount and doubled our house payment even though our taxes, insurance and so forth did not increase. We had to contact the customer rep. and manager of Ocwen LL thrice before seeking help from state Atty General office to help get the matter straight

joe
August 21, 2013 at 6:59 am

My mortgage servicer was nationstar, I was upside down in my mortgage. I went to Senator Rubio's office for help, they requested information from the Comptroller of currency. I was contacted by Nationstar in a timely manner and they said they would contact me in a few days, as per their requirement. I called nationstar back and would always get a voice mail that said they would call back in 7 to 10 days. They over a period of time , continued this response to phone calls. I called Senator Rubios Office a few times to get an idea of what the next step was and never could get thru to the person I have previously spoken to all calls to the Senators office were screened. This was just the beginning of this process of trying to refi our home.After a couple of months Nationstar finally did call and said if you are making payments on your home, there will never be a reason to consider any time of refi on your home. God Bless America sort of.

Ian
August 14, 2013 at 1:24 pm

Wells Fargo is the absolute worst all around. They do not help
They do not process payments,they have the worst customer service and accounts service and accounts management. When calling you will talk to10 different
People all who tell you something different
They never send paperwork but insist on raising your monthly payment. I once asked to speak to a supervisor and they wouldnt let me
They tell me I am foreclosed on then they tell me I am not in forclosure. If I could afford an attorney I would due them.
I have no doubt I could win
They cannot even do correct math.
They have ruined my credit and my life. I could write a novel on their misdeeds

jOHN Funderurk
August 14, 2013 at 10:19 am

Ocwen is the worst. You can not talk to anyone from the U.S. Ocwen uses an India call center and they are bad. Ocwen bought my mortgage and immediately tried to raise my escrow account without any justification and when I challenge them they started reporting late payments to credit companies so I could refi. My only option was to pay my own escrow and save money and wair for over a year to refi and get out from under the mortgage company from hell.

Derek Moore
August 07, 2013 at 10:40 am

I refinanced through Bond Street Mortgage. They provide great tools to get you organized and then handhold persistently through final qualification and closing.

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