Tag Archives: Customer Satisfaction

In a survey of 1,500 consumers who purchased a home in the last 10 years, TD Bank found 69 percent would describe their experience with their lender as “excellent” or “very good." Rating specific aspects of their experience, accessibility” and “responsiveness” ranked highest, while relatively fewer respondents were happy with their lender’s efforts to explain options or help them understand the process.

After Consumer Financial Protection Bureau (CFPB) Deputy Director Steven Antonakes decried mortgage servicers for not doing enough to mend the industry after the recent housing crisis, one industry leader called his comments "inflammatory and without benefit to the audience." Ed Delgado, president and CEO of the Five Star Institute, believes the deputy director's remarks are not only ill-timed but also counterproductive.

As analysts continue to watch market indicators for trends that might hamper the borrowing experience, a recent poll shows that borrowers themselves are more focused on customer service problems.

Customer satisfaction with mortgage loan originators reached a seven-year high this year with Quicken Loans earning the highest ranking for the fourth year in a row, according to the J.D. Power 2013 U.S. Primary Mortgage Origination Satisfaction Study. Five originators earned scores above the industry average. Topping the list was Quicken Loans with a score of 841 out of 1000. The remaining four lenders to outrank the industry average are BB&T (798), U.S. Bank (783), PNC Mortgage (778), and Chase (773).

LendingTree released on Tuesday its rankings for the top 10 customer-rated lenders in its network for Q3, showing a number of new names and a shift among those who appeared in the second quarter's rankings. The rankings are based on a weighted average of the ratings and volume of reviews, with customers judging the companies on mortgage rates, fees and closing costs, responsiveness, customer service, and their overall experience. California's Pacific Beneficial Mortgage Company took the No. 1 spot.

Mortgage-related litigation remained historically high in the first quarter, according to data from Mortgage Daily. The site's First Quarter 2013 Mortgage Litigation Index shows there were 227 mortgage-related cases tracked that saw activity in Q1--little changed from Q4 2012's 223 but up from 216 the year prior. Cases related to mortgage-backed securities, regulation, commercial mortgages, and investor problems all saw increased activity.

LendingTree released on Tuesday the top 10 customer-rated lenders in its network, revealing California-based HomePlus Mortgage as the No. 1 lender for the second quarter. The top 10 list was created based on a weighted average of review rating and volume of customer reviews. Following HomePlus on the list were Pacific Beneficial Mortgage Company; Affinity Mortgage, LLC; Mortgage Loans for Texas; and Americash in the top five. The company's network includes more than 250 lenders.

The mortgage servicing industry's efforts to adhere to nationwide reforms hasn't gone unnoticed by consumers, according to J.D. Power's 2013 U.S. Primary Mortgage Servicer Satisfaction Study.

Many of today's would-be owners are woefully unprepared and misinformed when it comes to taking out a mortgage, Zillow discovered in a recent survey.

Almost two-thirds of homeowners who purchased homes in the past 10 years consider their home-buying experience excellent or very good, according to survey results released Tuesday by TD Bank, based in Portland, Maine. About 55 percent of survey respondents rated their ability to find a good real estate agent and their experience with the inspection and appraisal process as "excellent" or "very good." However, finding the right lender proved to be trickier for many respondents.