Thanks largely to mortgage servicers and loan modification programs, fewer homeowners are experiencing financial problems, a new survey indicates.
According to J.D. Power and Associates 2012 U.S. Primary Mortgage Servicer Satisfaction Survey, 7 percent of homeowners say they are current on their loan status as a direct result of payment arrangements they made with their mortgage provider. This is up from 4 percent who indicated as such in a similar poll conducted last year.
Additionally, J.D. Power revealed that fewer customers have concerns with ensuring they're making their mortgage payments on time, decreasing from 17 percent to 15 percent.
Craig Martin, director of J.D. Power's mortgage practice, said servicers have played a crucial role, as satisfaction among borrowers has increased.
"Significant improvements in mortgage servicing, particularly with the method in which calls are handled, have improved customer satisfaction for the first time in three years," said Martin.
The customer experience could enhance further should new mortgage servicing rules be implemented. In April, the Consumer Financial Protection Bureau, which was created under the Dodd-Frank Act, proposed several recommendations to make the mortgage borrowing process more seamless for current and prospective homeowners.