Branch Banking & Trust (BB&T) took the top honors in the 2010 U.S. Primary Mortgage Servicer Satisfaction Study(SM) released today by J.D. Power and Associates.
The North Carolina-based bank and mortgage lender scored a 795 out of a possible 1,000 points thanks to its fee transparency and billing and payment processes.
Last year the bank ranked second in the annual survey – it supplanted Regions Mortgage, which fell to sixth in this year’s rankings.
SunTrust Mortgage took the second spot with a score of 767, followed by U.S. Bank with a score of 755.
“Focusing on performing best practices, such as providing transparency around fees, using the customer’s preferred method of billing and payment, and providing concise, informative, and easy-to-find account information, not only has a strong positive effect on loyalty and retention rates, but can also result in decreases in inbound call volume of up to 13 percent—leading to cost savings for mortgage servicers,” said David Lo, director of financial services at J.D. Power and Associates, in the release.
Customers with lower levels of satisfaction are nearly 3.5 times more likely to contact their loan servicers, which ups costs and decreases efficiency.
Interestingly, only 28 percent of customers were asked to provide information more than once during the loan origination process, compared to nearly 80 percent of customers during the loan modification process.
Bank of America, the top loan servicer in the nation, scored 705, below the industry average of 720.
Ocwen Loan Servicing took the bottom spot with a score of 551, while newcomer OneWest Bank (formerly IndyMac) also performed particularly badly with a score of 619.
Top Mortgage Servicers 2010