According to the 2012 U.S. Primary Mortgage Servicer Satisfaction Study conducted by J.D. Power and Associates, Americans are in less financial distress than ever when it comes to home affordability: the rate of overdue payments has significantly decreased.
The probable reasons for the sudden surge in homebuyer affordability? Historically low mortgage rates, affordable closing costs, and loan modification programs. Of those polled, 7% reported that they were up-to-date on mortgage payments because of payment arrangements that they had made with their mortgage provider or through a loan modification plan.
Compared to the results of a similar poll held last year, homeowners claimed to have less trouble keeping up with mortgage expenses: 15% affirmed less financial strain as opposed to 17% just a year ago.
Besides decreased financial anxiety with homeownership, Craig Martin, J.D. Power’s mortgage practice director, revealed that individuals have communicated that they are more content with their mortgage servicers as well. According to J.D. Power’s index, mortgage servicer satisfaction jumped from 718 to 725 between 2011 and 2012 on a 1,000-point scale. This contentment is likely due to improved access and comprehension of real estate buying information.
Hopefully, additional customer satisfaction is to come: in April of this year, the Consumer Financial Protection Bureau put forth a number of new rules for mortgage servicers to potentially abide by, including monthly breakdown of payments, warnings prior to an increase in interest rates, and better efforts to issue early notice when foreclosure is a possible risk. If these guidelines are adopted, they will go into effect next year, and should aid in making the borrowing process painless for homebuyers.
At Colony Title Associates, we are likewise committed to making your homebuying processes stress free, which is why we’re here to perform title searches on your home and issue title insurance for your protection. Our services will help protect you against title defects, liens, and other issues, thereby ultimately lessening your financial burdens and contributing to the continual affordability of homeownership.
If you have questions, the Maryland real estate insurance experts at Colony Title Associates can be reached by calling 410 884-1160 or visit ColonyTitle.com today!
About Colony Title Associates:
Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.