From the Record:
Lenders in damage-control mode
new study by J.D. Power and Associates indicated that the subprime mortgage meltdown and rising defaults may be having an impact on relationships between consumers and the companies that collect their mortgage-loan payments.
The study, released Aug. 1, showed mortgage companies were more flexible than in the past when it comes to scheduling makeup payments, when they were 30 or more days late.
This is likely a result of the recent volatility in the mortgage market, which has many lenders in a damage-control mode, said Tim Ryan, a senior research director for J.D. Power.
“Lenders don’t want to take the properties back,” Ryan said. “Nobody wins in that situation.”
Still, overall, when customers had a reason to call, e-mail or send a letter to their mortgage company, they were less satisfied with the outcome than they were in last year’s survey.
…
Also, mortgage companies that originated the loans and retained the servicing rights tended to do well in the survey, Ryan said.“Once a loan gets transferred, customer satisfaction goes down,” he said.
…
Top 10
BB&T (Branch Banking & Trust) 860
M&T Mortgage 828
Citizens Bank 825
Countrywide Home Loans 824
SunTrust Mortgage 822
First Horizon Home Loans 818
Wells Fargo 817
GMAC Mortgage 816
Regions Mortgage 807
CitiMortgage 805Bottom 10
Ameriquest Mortgage 738
CitiFinancial Mortgage 738
Homecomings Financial 733
Midland Mortgage 706
Greentree Mortgage 692
Litton Loan Servicing 688
EMC Mortgage 683
Vanderbilt Mortgage and Finance 672
Option One Mortgage 669
Ocwen Financial 627Source: J.D. Power and Associates