Are record-low interest rates masking high-cost mortgage lending?

Are record-low interest rates masking high-cost mortgage lending?

Five leading economists weigh in and the answer may surprise you

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Servicing

Mortgage servicer satisfaction back from the brink

J.D. Power releases satisfaction survey

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Overall customer satisfaction has come a long way since the financial crisis, with overall satisfaction average increasing to 754 in 2014, up from 733 in 2013, according to the J.D. Power 2014 U.S. Primary Mortgage Servicer Satisfaction Study.

“Satisfaction is improving, specifically among those customers having a hard time paying their bills, primarily because lenders are improving the experience by making it easier for them to use the website or their smartphone to make payments, resolve problems or get answers to their questions,” said Craig Martin, director of the mortgage practice at J.D. Power.

“As more consumers use smartphones and tablets and younger tech-savvy borrowers begin to buy homes, the desire to use online and mobile channels will inevitably increase,” added Martin. 

The study analyzes four factors of the mortgage servicing experience: billing and payment, escrow account administration, website and phone contact. It is then measured on a 1,000-point scale.   

Leading up to number 1, BB&T (BBT) ranked as number 4, with a score of 770, and Wells Fargo Home Mortgage (WFC) ranked as number 3, with a scored of 772  

Click the next pages to see which lenders came in as number 1 and 2. 

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