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:
- Communications
- Customer interaction
- 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.”
To see how other companies ranked, check out J.D. Power’s 2020 study — the rankings are on Page 3.
How to get the best mortgage rate
As we noted above, securing a mortgage can rattle anyone’s nerves. We all want to make the right decisions when choosing something as big — and financially impactful — as a home loan.
Mistakes can be costly, as we noted in “The 6 Worst Mortgage Mistakes You Can Make“:
“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.”
One easy way to shop rates is to stop by Money Talks News’ Solutions Center. There you can search for the best rate on a new mortgage. Or, if you already own a home, search for a great rate on a refinance.
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