Securing a mortgage for a home can be a stressful experience. But those who have gone through the process say an online mortgage servicer beats all of its brick-and-mortar competitors when it comes to customer service.
Quicken Loans took the top spot for a seventh consecutive year in J.D. Power’s 2020 U.S. Primary Mortgage Servicer Satisfaction Study.
The study polled more than 7,000 homeowners who originated or refinanced a mortgage more than 12 months ago. It rated customer satisfaction based on the following factors:
Billing and payment process
Escrow account administration
New customer orientation
Of the more than three dozen servicers ranked, the top finishers were:
Quicken Loans — overall customer satisfaction score of 854 out of 1,000 points
Regions Mortgage — 846
Huntington National Bank — 827
TD Bank — 815
Chase — 810
M&T Mortgage — 810
SunTrust Mortgage — 808
Bank of America — 804
Guild Mortgage — 803
Citizens Mortgage — 802
U.S. Bank — 802
Two servicers that serve only military members and their families also ranked highly — USAA Federal Savings Bank (895) and Navy Federal (864). However, J.D. Power notes that those two servicers were not included on the list because they do not “meet study award criteria.”
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“Getting an affordable property at a great rate can make you feel as if life couldn’t be any sweeter. But ask anyone who bought a house with a mortgage they didn’t understand and couldn’t afford, and they will tell you the house has brought them frustration and tears.”
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