Magazine article Mortgage Banking

Regions Mortgage Ranks First in Servicer-Satisfaction Survey

Magazine article Mortgage Banking

Regions Mortgage Ranks First in Servicer-Satisfaction Survey

Article excerpt

Westlake Village, California-based J.D. Power and Associates released the latest edition of its Primary Mortgage Servicer Satisfaction Study in late August, and the findings show Regions Mortgage climbed several spots from last year to nab the top ranking, Regions had been ranked sixth in 2008, but took the top spot in 2009 with an index score of 780 (out of a maximum score of 900). The industry average was 730.

Last year's top servicer-satisfaction ranking went to BB&T, but the bank slipped to second place in the 2009 edition of the servicer-satisfaction study, according to J.D. Power and Associates. Another mortgage servicer that made a big leap up the list was U.S. Bank, which this year took third place, just slightly below BB&T. U.S. Bank was in the ninth spot in the 2008 study. BB&T had a satisfaction score for 2009 of 777, while U.S. bank scored 771.

Another servicer that saw major improvement this year in its servicer-satisfaction ranking was GMAC Mortgage, according to J.D. Power and Associates. GMAC Mortgage ranked fourth on the 2009 list, while it was in the 12th spot the year before. Rounding out the top five spots this year is Chase, which slipped from the fourth spot in the 2008 servicer-satisfaction survey.

Other notable results included the move by Wells Fargo to sixth on the 2009 servicer-satisfaction list, down from the third spot the year before. SunTrust Mortgage also slipped to the eighth position, down from second in 2008. Bank of America dropped to the 15th spot in the 2009 study, which was down from its fifth-place showing the year before. …

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