The following article is brought to you by Bill Lewis at AOMID News.
With a heavy focus on the nation’s major lenders and their handling of foreclosure paperwork, recent data shows that JP Morgan Chase & Co., the nation’s second leading mortgage servicer, has received the highest number of complaints with regard to its customer service.
In data compiled by the Better Business Bureau, JD Power and Associates and the United States Treasury, Chase falls well behind their competitors Bank of America and Wells Fargo in overall customer service ratings.
JD Power, the customer satisfaction specialist based in California, reports that Wells Fargo received the highest rating among the nation’s eight leading mortgage services, while Chase fell somewhere in the middle.
The news from the Better Business Bureau was even more scathing for Chase. The BBB reports an overall “F” grade for Chase’s servicing platform, while giving Wells Fargo an “A” rating.
Through August of this year, the U.S. Treasury reports that 7.2% of calls received to its Foreclosure Help hotline were complaints about Chase, the second highest number of the nation’s eight leading servicers. By contrast, Wells Fargo only received 3.7%, the lowest proportion of complaints filed.
Mortgage servicers typically deal with collecting loan payments, negotiating with delinquent homeowners and working out loan modifications. A Chase spokesperson, Tom Kelly, defended his company’s practices, saying that Chase “offered struggling borrowers more than 975,000 modifications since the start of last year.”
With all 50 state attorneys general collaborating on an investigation into faulty foreclosure paperwork filed by lenders, many of their servicing practices are being held under the microscope.
Shaun Donovan, current Housing and Urban Development Secretary, said last week that banks showed “significant differences” in their servicing activities.
Hey Tom Kelly, all you spokesmen for Chase always announce this 900,000+ modification offers. Why don’t you define this number. Like, how many of these offers were accepted, how many of these offers actually helped families & how many of these offers actually increased the payments for homeowners. One of these 900,000+ modification offers was to my family. Chase Home Finance held my family ransom with the MHA plan for over a year before offering me a modification that raised my payment $97.46 a month!. CHASE YOU ARE CRIMINALS AND THE TRUTH WILL PREVAIL!