Mortgage credit remains as tight as ever, but consumers seem to view their mortgage lenders more favorably than they did one year ago.
Customer satisfaction with mortgage originators is up this year, according to new survey results reported today by J.P. Power and Associations. The study, which measure customer satisfaction in four areas of the process of obtaining a mortgage, rated overall customer satisfaction at 747 on a 1,000 point scale, up 13 points from last year.
More effort focused on creditworthy customers
“The reality today is that it’s a lot harder to get credit than it was a few years ago,” said David Lo, director of financial services for J.P. Power. “Many h Read the full post
Lenders will go before Congress this week to discuss foreclosure documentation crisis and explore foreclosure alternatives
The nation’s largest banks that were responsible for erroneous foreclosure paperwork will go before Congress this week to further determine how to rectify the situation and allow borrowers to save their homes.
Congressional hearings will take place on Tuesday and Thursday and include leaders from Bank of America and JP Morgan Chase, among others. During the sessions, lenders are likely to face pressure from the government to push for more home loan modifications in place of evictions and foreclosure, according to Reuters. Read the full post
New credit check requirements cause of concern for mortgage lenders.
Fannie Mae recently introduced a new rule that would require lenders to run an extra credit check on potential borrowers before they closed on their mortgages. That requirement caused some consternation from consumers, and now lenders are also expressing their concern.
According to a report in the Washington Post, because Fannie Mae has been requiring a second check right before closing, many banks have suffered through logistical nightmares. Read the full post