How Is the Quality of Mortgage Servicing Overall?
According to J.D. Power's Annual Mortgage Servicer Satisfaction Survey (2018), consumer satisfaction with the mortgage servicing industry is rather low. Despite the industry’s efforts to incorporate new technologies into their services, consumers have been slow in adopting them. In addition, the Department of Housing and Urban Development (HUD) has reported in the past that two out of every five complaints HUD receives from borrowers involve servicing companies.
One of the reasons that the mortgage servicing industry is not well regarded by American consumers might be the lack of regulation of the non-banking servicing companies. This lack of regulation leads to very little accountability and transparency for non-banking loan servicers. Another reason is that customers do not have any input when it comes to selecting the servicing company that is assigned to them, since it is the loan holder that decides if there will be an independent loan servicer and if so, which servicer is going to be in charge of servicing your loan.
- What Is Loan Servicing?
- Which Servicing Companies Are Considered to Be the Best?
- What Happens After I Get the Loan?
- What Happens if My Mortgage Is Sold to a New Owner and the Mortgage Servicer Changes?
- What Does Loan Servicing Include?
- What Are the Parties Involved in the Loan Servicing Process?
- What Type of Entities Are Mortgage Servicing Companies?
- Is There Any Difference Between a Bank and a Non-Bank Mortgage Servicer?
- What Are the Differences Between a Mortgage Lender and a Mortgage Servicer?
- How Do Mortgage Servicers Make Money?
- What Is a Small Servicer and Why Does It Matter?