MFI-Miami Blog

Mortgage Servicers Expect Annihilation Due To The Coronavirus And Are Lining Up For Trump Bailouts Mortgage servicers are already waiting in line for their corporate welfare checks from the Trump administration. The Mortgage Bankers Association said deferred and late mortgage payments because of the coronavirus could  trigger a financial nightmare for mortgage servicers. Fannie Mae and Freddie Mac have instructed servicers to suspend all foreclosure actions and evictions for at least 60 days.  HUD who handles FHA  mortgage loans  also soon followed suit. However,  not all mortgage loans  are included in the Trump Administration moratorium.  The MBA sent a  letter  to Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell begging the government for a bailout.  MBA CEO Robert D. Broeksmit asked for the Federal Reserve and Treasury to develop a liquidity plan to support the mortgage servicing sector. ...

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