Mortgage servicers are redeeming themselves in the eyes of many homeowners -- especially those in danger of delinquency -- reports J.D. Power.
For the second year in a row, the company has documented higher overall satisfaction with the way servicers handle billing, payment processing, and escrow as well as website and telephone contact. Top kudos went to Quicken Loans, followed by Chase, Regions Mortgage, Wells Fargo, and BB&T.
Ocwen, Nationstar, and Green Tree Servicing, however, led the servicers earning low marks in the annual study. Big banks have handed off some of the more challenging loans in their portfolio to these three companies, which may explain their poor performance. "If I am late, delinquent, having trouble making payments, I'm going to be less satisfied with my servicer," notes Craig Martin of J.D. Powers. "They're handling much more complex problems."