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Survey Says…. OCWEN & Aurora Loan Services get D’s!

J. D. Powers is the powerhouse of survey companies.  Getting rated by this company is generally used in major advertising campaigns when you are the winner such as car of the year.  Unfortunately, for a lot of the mortgage servicers when you are at the bottom of the satisfaction scale you just don't talk about it.

The ratings are as follows:  Among the best, Better than most, About average and the rest.  If we give letters or grades to these ratings we can determine that  Ocwen, Aurora Loan Services and American Home Mortgage Servicing get solid "D's". 

You can look at the survey here.  The categories were overall satisfaction, billing and payment processing, fees, escrow account administration, website and phone contact.  All areas that many of our clients and those of us that deal with short sales can attest to.

The better known banks such as BOA, Chase, 5/3, Wells Fargo, Citi, and HSBC got about average in this survey.

When you check the banks at the retail bank level - Bank of America comes in with a D, along with TCF and Charter One in the Midwest where I am located.  You can see the midwest survey here.  Bank of America is consistent because they are at the bottom again when dealing with small business banking.  See that whole survey here.  Bank of America gets mentioned again in Bryan Ellis' Real Estate Letter in a more detailed explanation of the survey results...read the original article here.

As realtors dealing with short sales we really don't need a survey to tell us which banks are at the bottom in dealing with their clients.  We experience it first hand everyday as we are put on hold, told faxes, emails and overnight packages are lost and are lost in their automatic phone system.

We didn't need J.D. Powers to tell us but I am glad they did.

 

 

Evelyn Santiago

Dynamic Real Estate Network, Inc.

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