Homeowners not happy with their mortgage servicers

Dennis Norman St Louis RealtorAfter all the bad press mortgage companies have received lately, this probably won’t come as a surprise, but according to the J.D. Power and Associates 2011 U.S. Primary Mortgage Servicer Satisfaction Study, homeowners satisfaction with their mortgage servicers has “declined notably from 2010.

The study allows consumers to rate their mortgage company on a scale with 1,000 being the top score. In 2010 the overall rating was 747 and now it is down almost 4 percent to 718 according to the study.

What do homeowners want?

The study shows the two most important aspects of mortgage servicers to them is friendly service and reliability. Unfortunately these two aspects both declined most notably in the 2011 study compared with the prior year.

Which are the best and worst mortgage servicer?

The best…

For the second consecutive year, BB&T (Branch Banking & Trust) has ranked highest in customer satisfaction in the study, achieving a score of 768, or almost 7 percent higher than the average.

The worst…

At the bottoms of the scale is Ocwen Loan Services with a score of 580.2, or over 19 percent below the average.

The complete list…

Customer Satisfaction Index Ranking J.D. Power.com Power Circle Ratings
(Based on a 1,000-point scale) For Consumers
BB&T (Branch Banking & Trust) 768 5
Regions Mortgage 757 5
Wells Fargo 755 5
SunTrust Mortgage 747 4
Fifth Third Mortgage 746 4
PNC/National City Mortgage 738 4
Flagstar Bank 734 3
U.S. Bank 730 3
MetLife Home Loans 728 3
GMAC 721 3
Industry Average 718 3
Chase 716 3
CitiMortgage/Citibank 714 3
PHH Mortgage 708 3
HSBC Mortgage Corp. (USA) 701 3
Bank of America 692 3
EverHome Mortgage 674 2
Beneficial/Household Finance Corp. (HFC) 657 2
Aurora Loan Services 617 2
American Home Mortgage Servicing 614 2
Ocwen Loan Servicing 580 2

Source: J.D. Power and Associates 2011 U.S. Primary Mortgage Servicer Satisfaction Study(SM)

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