BUSTED: Most Mortgage Servicers Are Unable To Validate Mortgage Debt

BUSTED: Most Mortgage Servicers Are Unable To Prove How Much Homeowners Actually Owe On Their Mortgages

most mortgage servicers

Most people just assume most mortgage servicers have calculated their payoff or balance correctly.

The finance world also requires you to be good at math. So, at a minimum, you would also think most mortgage servicers would be able to do basic fifth-grade math, right?

Believe it or not, they don’t and unfortunately, it only becomes painfully obvious after the homeowner is put into foreclosure. 

Lenders and their attorneys need to accomplish two things in order to successfully foreclose on a homeowner. They need to prove they have legal standing to bring a foreclosure action. They also need to be able to validate the dollar amount of the debt that is owed. 

Mortgage servicers cannot prove one and not the other. They have to prove both. 

Read more at MFI-Miami

Major Mortgage Servicers Rank At The Bottom Of JD Power Survey

JD Power Survey Shows Customer Service At Major Mortgage Servicers Is Between Terrible and Horrible

major mortgage servicers

J.D. Power has just confirmed what mortgage customers have known for years. Service at the major mortgage servicers sucks!

J.D. Power’s latest customer satisfaction surveyrevealed that major mortgage servicers have a serious trust problem with their clients. Servicers also lack a digital platform to efficiently solve their clients’ problems.

The survey is based on responses from 7,531 customers who took out a mortgage or refinanced more than 12 years ago.

The survey showed that 70% of mortgage customers said they do not trust their mortgage servicer. As a result, J.D. Power says that mortgage servicers have the lowest customer satisfaction scores in all their surveys.

Read more at MFI-Miami