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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
Joanne
July 28, 2013 at 2:43 pm

Refinanced w/ Quicken Loans. They were fast, friendly and answered all of my questions up front. 19 days from start to closing. Never delinquent, tried to refi my underwater loan with my previous loan servicer B of A, no help at all. Very satisfied with Quicken Loans Services.

Anna
July 28, 2013 at 2:42 pm

I've worked daily with mortgage servicers for over a decade. Large, small, domestic, and internationaly outsourced. The absolute worst servicer was Bank of America until they sold huge bundles of their loans to Nationstar. Now Nationstar has added a whole new low for customer service. Something really needs to be done about that.

Jimmy John
July 28, 2013 at 2:30 pm

I've had great luck with Wells Fargo. They even contacted me to let me know I qualified for a HARP refi (just made the cutoff by one month) dropped my rate by .50%. It didn't cost anything.

Sheryl
July 28, 2013 at 2:22 pm

Wells Fargo has been great to us for years. Just did refi with them and it was smooth and easy.

Dio
July 28, 2013 at 1:35 pm

Nationstar is so so and they try to get too much access to your accounts. While trying to refi with Quicken loans is a nightmare.

jason
July 28, 2013 at 1:35 pm

refinanced w/ quicken loans. they were fast,friendly,up front w/ all details. have gone through 7 mortgages in past. quicken was by far the most competent.

victum
July 28, 2013 at 12:37 pm

PHH mortgage put me under review for a year then foreclosed Now 2 years later I'm just waiting to die because I don't qualify for any help to recover.

Paul
July 28, 2013 at 12:28 pm

As a former Senior Vice President of a major mortgage servicer, I can honestly say Bank Of America is one of the worst "servicers" of any I have seen in the last 40+ years.

Their insurance servicing borderlines on "criminal activity" and to actually get to talk to someone who knows anything and can make a decision is almost next to impossible.

Kacy
July 28, 2013 at 12:21 pm

Oh BTW Quicken Loans sucks too!

Kacy
July 28, 2013 at 12:15 pm

B of A just sold my mortgage to Nationstar I went from really bad to worse with no notice! Where is a good mortgage company I can go to??