Survey: Borrowers Unhappy With Mortgage Servicers
Survey: Borrowers Unhappy With Mortgage Servicers
Home owners who originated their mortgage during the peak of the housing boom are increasingly frustrated with mortgage servicers because they’ve been unable to refinance and take advantage of low interest rates, according to a new J.D. Power and Associates survey.
"Many home owners who are still in home loans that were originated between 2006 and 2008 — when home values peaked and credit standards were the most lax — would like to refinance, but can't because they either don't have enough equity in their home due to falling home prices or their credit profile doesn't meet today's tougher standards," according to David Lo, director of financial services at J.D. Power and Associates.
Home owners also reported being dissatisfied with lenders service in staying within an approved timeframe and having to repeatedly ask for customer information. They also complained that servicers failed to explain all of the details in full during the application process.
Source: “JD Power Study Shows More Home Owners Unsatisfied With Mortgage Servicers,” HousingWire (Aug. 1, 2011)
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