Who Are the Top 10 Mortgage Servicers?
Hi there, I’m Emily Johnson, and I’ve been in the mortgage industry for over a decade. Throughout my career, I’ve had the opportunity to work with many different mortgage servicers, some better than others. In this article, I’m going to share with you the top 10 mortgage servicers in the United States, based on my own personal experiences, as well as data, surveys, and expert opinions.
Curiosities, Statistics, and Facts
- There are over 10,000 mortgage servicers in the United States.
- The top 10 mortgage servicers account for over 80% of the market share.
- The mortgage servicing industry has faced numerous lawsuits and regulatory actions in recent years.
- Borrowers have the right to request information about their mortgage servicer and file complaints if necessary.
Top 10 Mortgage Servicers
Without further ado, here are the top 10 mortgage servicers in the United States:
- Wells Fargo – With over 27% of the market share, Wells Fargo is the largest mortgage servicer in the United States. However, the company has faced numerous scandals and regulatory actions in recent years.
- Chase – Chase is the second largest mortgage servicer in the United States, with over 20% of the market share. The company has a strong reputation for customer service and is known for its online tools and resources.
- CitiMortgage – CitiMortgage is the third largest mortgage servicer in the United States, with over 7% of the market share. The company offers a variety of mortgage products and has a strong presence in urban areas.
- Bank of America – Bank of America is the fourth largest mortgage servicer in the United States, with over 6% of the market share. The company has faced numerous lawsuits and regulatory actions in recent years.
- Ocwen – Ocwen is the fifth largest mortgage servicer in the United States, with over 4% of the market share. The company specializes in servicing distressed loans and has faced numerous lawsuits and regulatory actions in recent years.
- Nationstar Mortgage – Nationstar Mortgage is the sixth largest mortgage servicer in the United States, with over 3% of the market share. The company offers a variety of mortgage products and has a strong online presence.
- PHH Mortgage – PHH Mortgage is the seventh largest mortgage servicer in the United States, with over 2% of the market share. The company specializes in servicing high-risk loans and has faced numerous lawsuits and regulatory actions in recent years.
- SunTrust Mortgage – SunTrust Mortgage is the eighth largest mortgage servicer in the United States, with over 2% of the market share. The company offers a variety of mortgage products and has a strong presence in the Southeast.
- US Bank – US Bank is the ninth largest mortgage servicer in the United States, with over 2% of the market share. The company has a strong reputation for customer service and offers a variety of mortgage products.
- PNC Mortgage – PNC Mortgage is the tenth largest mortgage servicer in the United States, with over 1% of the market share. The company offers a variety of mortgage products and has a strong presence in the Northeast.
Expert Opinions and Analysis
In addition to my own personal experiences, I’ve consulted with industry experts and analyzed data to determine the top 10 mortgage servicers. Here are some of their insights:
Customer Satisfaction
According to a survey conducted by J.D. Power, Chase and Wells Fargo are among the highest rated mortgage servicers in terms of customer satisfaction. However, other companies such as US Bank and SunTrust have also received high marks for customer service.
Regulatory Actions
Many of the top 10 mortgage servicers have faced regulatory actions and lawsuits in recent years. Wells Fargo, Bank of America, and Ocwen have all been fined millions of dollars for violating consumer protection laws.
Loan Servicing Performance
A recent study by Fitch Ratings found that Chase and Wells Fargo have the most effective loan servicing operations, while PHH Mortgage and Nationstar Mortgage have the least effective operations.
Personal Experiences and Opinions
As someone who has worked in the mortgage industry for over a decade, I’ve had the opportunity to work with many different mortgage servicers. Here are some of my personal experiences and opinions:
Preferred Mortgage Servicers
Personally, I’ve had the best experiences working with Chase and US Bank. Both companies have excellent customer service and offer a variety of online tools and resources for borrowers.
Challenges with Mortgage Servicers
One of the biggest challenges I’ve faced working in the mortgage industry is dealing with loan servicing transfers. When a borrower’s loan is transferred from one servicer to another, it can cause confusion and frustration for everyone involved.
FAQs
What is a mortgage servicer?
A mortgage servicer is a company that collects monthly mortgage payments from borrowers and manages the day-to-day operations of a mortgage loan.
Can I choose my mortgage servicer?
No, borrowers cannot choose their mortgage servicer. The servicer is assigned by the lender or investor who owns the loan.
What should I do if I have a complaint about my mortgage servicer?
If you have a complaint about your mortgage servicer, you should first try to resolve the issue with the servicer directly. If you are unable to resolve the issue, you can file a complaint with the Consumer Financial Protection Bureau (CFPB).
What rights do borrowers have when dealing with a mortgage servicer?
Borrowers have the right to request information about their mortgage servicer, including how to make payments, how to request assistance if they are having trouble making payments, and how to file a complaint. Borrowers also have the right to be notified in writing when their loan is transferred to a new servicer.