THURSDAY, SEPTEMBER 6, 2018
PROPERTY NEWS: Here are the top 5 mortgage servicers & Response web site BELOW
On a 1,000 point scale, the overall satisfaction average is 758 in 2018, virtually unchanged from 754 in 2017 and 755 in 2016.
The mortgage industry has made bold investments in new technology but servicing still has a long way to go, said Craig Martin, J.D. Power senior director of mortgage practice. With only 20% of mortgage customers utilizing mobile technology, which is 2% below 2016, availability and adoption of these services has been slow in coming. Customer expectations are increasing, often influenced by their day to day experiences, but servicing is not keeping up.
Servicers not only have to decipher the services that provide the most value to existing and new customers, but they also must solve how best to engage customers, Martin said. Doing so will translate into higher levels of adoption and usage to deliver cost savings and improved experience. There is a lot of room for improvement.
But while servicers have a long way to go in improving consumer satisfaction, some mortgage servicers did stand out above the rest. Here are the top five mortgage servicers dominating the industry:
5. SunTrust Mortgage 805
SunTrust moved up several spots from its ranking of 10 last year, up to fifth in 2018. Unsurprisingly, this year the bank upped its technology department with its new digital mortgage platform.
4. Regions Mortgage 805
Regions Mortgage, while still in the top five, actually fell from its ranking of second last year. It has, however, continued to invest in its mortgage tech platform, and announced earlier this year its new investment in Lender Price, a fintech mortgage and consumer digital lending technology platform provider.
3. Huntington National Bank 819
Huntington held its No. 3 position from last year, but increased its score from 795 in 2017. Huntington was also recognized this year for its excellence in working with small and middle market businesses, showing its dedication to reaching optimal consumer satisfaction.
2. TD Bank 821
This bank rose significantly from its position as No. 14 in 2017. This ranking is much closer to its place as fourth back in 2016, when the bank scored 808. However, despite its comeback to the No. 2 spot, it could not overtake the veteran No. 1 best mortgage servicer.
1. Quicken Loans 857
To absolutely no ones surprise, and for the fifth year in a row, Quicken Loans took the spot as best servicer. The company advertises its product, Rocket Mortgage, emphasizing the ease with which consumers can walk through and understand the mortgage process.
The bottom five mortgage servicers include Ocwen Loan Servicing, Carrington Mortgage Services, Cenlar, LoanCare and Mr. Cooper.
SOURCE: J.D. Power
FREE TIP, SERVICE OR PRODUCT: Response web site at http://www.businessdictionary.com/definition/proactive-response.html
Motivational Quote of the Week
It does not matter how slowly you go as long as you do not stop
ON THE VERGE THRILLER SHOT AT LEBANON CHURCH CONVERTED INTO HOME: Watch it here http://youtu.be/rz2Rd3A9PHA?list=UUubzPxMw6kiUkSkXesqY2xA
Thank you for your time.
Mark Bordcosh
1281Solutions
http://1281homes.com/
http://1281solutions.com/
Toll Free Phone: 1-800-642-9949
Toll free Fax: 1-866-611-7634
E-mail: mark@1281solutions.com POSTED AT 2 AM UTC
On a 1,000 point scale, the overall satisfaction average is 758 in 2018, virtually unchanged from 754 in 2017 and 755 in 2016.
The mortgage industry has made bold investments in new technology but servicing still has a long way to go, said Craig Martin, J.D. Power senior director of mortgage practice. With only 20% of mortgage customers utilizing mobile technology, which is 2% below 2016, availability and adoption of these services has been slow in coming. Customer expectations are increasing, often influenced by their day to day experiences, but servicing is not keeping up.
Servicers not only have to decipher the services that provide the most value to existing and new customers, but they also must solve how best to engage customers, Martin said. Doing so will translate into higher levels of adoption and usage to deliver cost savings and improved experience. There is a lot of room for improvement.
But while servicers have a long way to go in improving consumer satisfaction, some mortgage servicers did stand out above the rest. Here are the top five mortgage servicers dominating the industry:
5. SunTrust Mortgage 805
SunTrust moved up several spots from its ranking of 10 last year, up to fifth in 2018. Unsurprisingly, this year the bank upped its technology department with its new digital mortgage platform.
4. Regions Mortgage 805
Regions Mortgage, while still in the top five, actually fell from its ranking of second last year. It has, however, continued to invest in its mortgage tech platform, and announced earlier this year its new investment in Lender Price, a fintech mortgage and consumer digital lending technology platform provider.
3. Huntington National Bank 819
Huntington held its No. 3 position from last year, but increased its score from 795 in 2017. Huntington was also recognized this year for its excellence in working with small and middle market businesses, showing its dedication to reaching optimal consumer satisfaction.
2. TD Bank 821
This bank rose significantly from its position as No. 14 in 2017. This ranking is much closer to its place as fourth back in 2016, when the bank scored 808. However, despite its comeback to the No. 2 spot, it could not overtake the veteran No. 1 best mortgage servicer.
1. Quicken Loans 857
To absolutely no ones surprise, and for the fifth year in a row, Quicken Loans took the spot as best servicer. The company advertises its product, Rocket Mortgage, emphasizing the ease with which consumers can walk through and understand the mortgage process.
The bottom five mortgage servicers include Ocwen Loan Servicing, Carrington Mortgage Services, Cenlar, LoanCare and Mr. Cooper.
SOURCE: J.D. Power
FREE TIP, SERVICE OR PRODUCT: Response web site at http://www.businessdictionary.com/definition/proactive-response.html
Motivational Quote of the Week
It does not matter how slowly you go as long as you do not stop
ON THE VERGE THRILLER SHOT AT LEBANON CHURCH CONVERTED INTO HOME: Watch it here http://youtu.be/rz2Rd3A9PHA?list=UUubzPxMw6kiUkSkXesqY2xA
Thank you for your time.
Mark Bordcosh
1281Solutions
http://1281homes.com/
http://1281solutions.com/
Toll Free Phone: 1-800-642-9949
Toll free Fax: 1-866-611-7634
E-mail: mark@1281solutions.com POSTED AT 2 AM UTC
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