Customer Satisfaction Survey Reveals Bad Mortgage News

August 25, 2009 No Comments »

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The J.D. Power and Associates 2009 Primary Mortgage Servicer Satisfaction Study (SM) released today uncovered some bad news in the mortgage sector.

More than one in five customers who responded indicated that they were either already behind on their mortgage payments or worried about being late in the future.

That doesn’t bode well for a housing recovery, especially with unemployment still running rampant and home prices and sales up only marginally through the traditionally strong period of the year.

With regard to loan servicer satisfaction, those who were contacted before having to call in themselves were happiest.

The biggest complaint was difficulty understanding the representative, though it’s unclear if that was by way of language barrier (outsourced help?) or complicated mortgage terms.

Regions Mortgage was the top mortgage servicer in terms of customer satisfaction, followed by BB&T and US Bank.

Ocwen Financial, American Home Mortgage Servicing, and Indymac were the worst performing servicers.

Top Mortgage Servicers (based on 1,000 point scale):

Regions Mortgage – 780
BB&T – 777
U.S. Bank – 771
GMAC Mortgage – 752
Chase – 749
Wells Fargo – 749
Flagstar Bank – 743
SunTrust Mortgage – 740
National City Mortgage – 735
WaMu/Washington Mutual – 732
CitiMortgage – 730
Industry Average – 730
Wachovia – 724
PHH Mortgage – 721
Taylor, Bean & Whitaker – 721
Bank of America – 712
Fifth Third Bank – 712
Countrywide Home Loans – 704
Aurora Loan Services – 659
Midland Mortgage – 658
IndyMac Bank – 646
American Home Mortgage – 578
Ocwen Financial – 552

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