Consumers want "frictionless" loan servicing by a lender that resolves problems quickly and bridges the gap between origination and servicing, according to a panelist at the SourceMedia Mortgage Servicing Conference in Dallas.Lori Gray, senior vice president for business development at SunTrust Mortgage, told conferees that a 2006 J.D. Power and Associates survey in which SunTrust ranked No. 1 among servicers in consumer satisfaction also contained perplexing information. "We were a little surprised and hurt to learn that the less our borrowers heard from us, the happier they were," Ms. Gray said. What consumers want, she said, is frictionless loan servicing, and toward that end SunTrust allows retail origination officers to maintain a kind of ownership over their customers. If consumers have a question about the way their loan is being managed, they can call the person they probably know best at SunTrust, Ms. Gray said. Timothy Ryan, senior director for the mortgage practice at J.D. Power, said consumers view mortgage servicing less as a relationship and more as a utility. The lower the level of interaction they have with their servicer, the more likely they are to give their loan servicer high marks for customer satisfaction.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
3h ago -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
4h ago -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16 -
In a motion to dismiss UWM's suit, Ramon Walker argues the trademark infringement claim made by UWM is a "pretext to muzzle [his] criticism."
April 16 -
The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.
April 16