The top mortgage servicers for 2021
Rocket Mortgage took the crown for top mortgage servicer of the year, clocking in with an 860 out of 1,000 score -- a whopping 55 points more than the next-highest rated company.
Though it was previously just the online arm of Quicken Loans, the company pivoted this summer, and on July 31, "Rocket Mortgage" became the entire company's moniker. The company originated $320 billion in mortgage loans last year and has ranked No. 1 on J.D. Power's study for eight years running.
Rocket Mortgage ranked best-in-class in overall satisfaction, new customer orientation, billing/payment, escrow account administration, communication, and customer interaction.
Here's who followed Rocket Mortgage's score of 860 in the rankings:
- Guild Mortgage: 825 points
- Huntington National Bank: 824
- Chase: 814
- Regions Mortgage: 809
- Bank of America: 806
- LoanDepot: 805
- TD Bank: 805
- U.S. Bank: 805
- Fifth Third Bank: 799
- Freedom Mortgage: 792
- M&T Mortgage: 792
- SunTrust Mortgage: 792
According to J.D. Power's findings, satisfaction was up the most with nonbank servicers. Those servicers saw a 17% bump over last year's numbers, while bank-affiliated servicer satisfaction increased just 4%.
Why, then, do many bank servicers rank among the top-rated companies of the year? Apparently, it boils down to their other product lines.
"Higher overall satisfaction scores for bank-affiliated servicers are inflated by non-mortgage services," J.D. Power reported. "Satisfaction scores among customers who also use their servicer's bank products are 55 points higher than among those who have mortgage-only relationships."
The Millionacres bottom line
Once forbearance options run out, it will be interesting to see whether borrowers are still this satisfied with their servicers -- and whether nonbanks continue this upward trajectory. Until then, count yourself lucky if your servicer's on this list -- especially if you're on a forbearance plan or need some sort of loan modification to deal with COVID-related struggles. (Hello, eviction ban!)