Trust Your Mortgage Servicer? Maybe You Shouldn't
A 2013 survey by J.D. Power and Associates found Branch Banking & Trust had the highest customer satisfaction among primary mortgage servicers. It was the fourth straight year the servicer had topped this list. Regions Mortgage placed second for customer satisfaction in the survey, and SunTrust Mortgage placed third.
Meanwhile, Nationstar Mortgage landed in the bottom spot for customer service satisfaction, just ahead of Ocwen Loan Servicing and EverHome Mortgage.
Because of the frequent sales between mortgage servicers, having the best servicer at loan origination is no guarantee that the loan will not be transferred to another servicer in the future. Because the CFPB says companies do not always promptly notify customers of loan transfers, consumers may find it wise to carefully review their loan statements each month.
In addition, to avoid late fees or penalties, customers may want to double-check their statement for changes to their payment mailing address and to confirm with their municipality that their property taxes have been paid on time.
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