According to Inman News, J.D. Power and Associates has learned that mortgage lenders do a better job originating loans than modifying them. When questioning 4516 homeowners about their personal experiences with loan modification, they evaluated 5 areas of service:
1. fees
2. billing and payment
3. escrow account administration
4. website
5. phone contact.
19 lenders were rated in the survey. Branch Banking and Trust Co. (BB&T) received the highest customer satisfaction score -- 795 on a 1,000-point scale. Six loan servicers scored below the industry average of 720, with Ocwen Loan Servicing landing at the bottom of the list with a 551 score. The top 4 mortgage servicers are: Bank of America, Wells Fargo, CitiMortgage, Inc. and J.P. Morgan Chase Bank. Note how these rank compared with other lenders.
J.D. Power Mortgage Servicer Satisfaction Rankings
1. Branch Banking and Trust (BB&T) (795)
2. Sun Trust Mortgage (767)
3. U.S. Bank (755)
4. Wells Fargo (744)
5. Fifth Third Mortgage (740)
6. Regions Mortgage (740)
7. PHH Mortgage (735)
8. MetLife Home Loans (731)
9. CitiMortgage Inc. (730)
10. Flagstar Bank (730)
11. GMAC (726)
12. HSBC Mortgage Corp. (726)
13. Chase (721)
14. PNC/National City Mortgage (716)
15. Bank of America (705)
16. Aurora Loan Services (647)
17. OneWest (619)
18. American Home Mortgage Servicing (617)
19. Ocwen Loan Servicing (551)
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