Wednesday, September 1, 2010
Servicers Fail to Deliver on Loan Mod Best Practices: J.D. Power
U.S. consumers are less satisfied with their experience during the loan modification process than they are during loan origination, namely because mortgage servicers are missing the mark when it comes to delivering on best practices, according to J.D. Power and Associates. The company's survey found that mortgage servicers fail to adhere to a time frame for approval, don't provide the customer with status updates, and repeatedly ask borrowers for the same information. BB&T ranks highest in customer satisfaction among mortgage servicers, followed by SunTrust Mortgage, US Bank, and Wells Fargo.