When it comes to wooing customers, mortgage brokers and loan officers may be the first in line, but a recent study suggests that servicers are the ones who win the customers' loyalty in the long run.According to the J.D. Power & Associates 2005 Home Mortgage Study, a far greater number of consumers name their mortgage servicer as "their" mortgage company than name the originator. When asked, "Which do you think of as your mortgage company?", 76% of consumers named their mortgage servicer, while 24% named their mortgage originator. The survey also finds some areas of concern for servicers. Jeremy Bowler, a director at J.D. Power who spoke at the MBA National Mortgage Servicing Conference in Orlando, Fla., said that only 18% of mortgage servicing customers reported being "delighted" overall with their lender. Just 16% said they were delighted with their originator. Mr. Bowler said the stakes are high for achieving customer satisfaction, because satisfied customers are much more likely to recommend doing business with a lender. By contrast, dissatisfied customers can become word-of-mouth "brand terrorists," he said.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25