J.D. Power Mortgage Servicer Satisfaction Rankings

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)

Your Home a Nest Egg?

Did you read the Seattle Times on August 23, 2010? Headline was “Your Home a Nest Egg? Not Likely Experts Say: The Future of Real Estate: Conventional wisdom: Prices will only keep up with inflation.” In the article, David Streitfeld from the New York Times notes that the real estate housing market has been hard hit but says that housing will recover….eventually. He goes on to say get used to the idea of home as shelter and not a nest egg, like it used to be. He quotes Stan Humphries, the chief economist for the real estate site, Zillow, saying housing values will merely keep up with inflation. I had to wonder: “is that a bad thing? Sure, like you, I want more, but how much is the inflation rate? I turned to Inflationdata.com and looked at a chart measuring the United State’s annual inflation by decade.


http://inflationdata.com/inflation/images/charts/Articles/Decade_inflation_chart.htm

The average over time turns out to be 3.42%. That’s not too bad. My current rate of return on my savings account at my local credit union is .153%. The best CD rates in town are under 1.5%. So if I have a nice place to live, can get a tax write off and have my home keep pace with inflation, that’s not such a bad thing. I’ll hope for more, but be glad knowing a home is still a good investment, even if the glory days of rapidly escalating home values are behind us. According to Coldwell Banker Bain Broker Ron Sparks, a home that keeps pace with inflation is by default a nest egg.

Teaching an old dog new tricks!

Spent the day at agentreboot Seattle.....what a great experience!  Lots of immersion in new technology.  I came home with a sheaf of notes.  Now the trick:  to implement what I've learned.  One speaker said if you implement 10% of what you heard today, it would be a success.  I'm already connecting with some new people and places on Twitter, looking for more tech groups to connect with on line and in person, and otherwise looking to expand my social media presence. 

What’s your walk score?

Walk score is a number between 0 and 100 that measures the walkability of a neighborhood. The score measures how easy it is to get around without a car. Walk Score is determined with an algorithm that assigns points based on the distance to the closest amenity in each category. If a grocery store is less than .25 miles, it gets the maximum number of points. Points decline as the distance increases. No points are awarded if amenities are further than 1 mile.

Some interesting points from WalkScore.com:

1. Walkable neighborhoods offer surprising benefits to the environment, our health, our finances, and our communities.
2. Cars are a leading cause of climate change. Your feet do not contribute to pollution.
3. The average resident of a walkable neighborhood weighs 7 pounds less than someone who lives in a sprawling neighborhood.
4. One point of walk score is worth up to $3K of value for your property. To learn more go to:
http://blog.walkscore.com/wp-content/uploads/2009/08/WalkingTheWalk_CEOsforCities.pdf
5. Studies show that for every 10 minutes a person spends in a daily car commute, time spent in community activites falls by 10%.

In real estate, you may see a “walk score” included on line or on a flyer of a home listed for sale. Here’s a breakdown of what those scores mean.

Score Description

90–100 Walker's Paradise — Daily errands do not require a car.
70–89 Very Walkable — Most errands can be accomplished on foot.
50–69 Somewhat Walkable — Some amenities within walking distance.
25–49 Car-Dependent — A few amenities within walking distance.
0–24 Car-Dependent — Almost all errands require a car.

How does Seattle stack up against other cities in the United States?  We're #6!  Check out: http://www.walkscore.com/rankings/most-walkable-cities.php to see how other cities ranked.

Curious about your neighborhood walk score? Go to http://www.walkscore.com , type in your address and you’ll have your answer in an instant!