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A recent survey of over 4,500 homeowners indicates that loan servicers in general are not performing at a satisfactory level when compared to their loan originating counterparts. In contrasting the loan modification to the loan origination process, servicers come up short in the following areas: the disclosure and transparency of closing fees, achieving an acceptable time table for approval, repeated requests for information and absence of communication with borrowers regarding the status of their package along with an overall failure to adequately explain the process at the time of application. In stark contrast less than 30% of borrowers were asked to provide information more than one time in the loan origination process while almost 80% were subjected to repeated requests in the loan modification process. These conclusive results reflect that servicers have a lot of catching up to do with originators when it comes to pleasing their customers.
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