New American Funding is #1 in Customer Satisfaction for Mortgage Servicing in J.D. Power Study
- Jul. 28, 2022
New American Funding is the best mortgage servicer for client satisfaction. That’s according to the J.D. Power 2022 U.S. Mortgage Servicer Satisfaction Study. This is the first-ever appearance by New American Funding, coming in at #1.
This achievement is the result of the company’s belief in helping all families and individuals – regardless of their backgrounds – achieve the American Dream of homeownership. As one of the nation’s largest independently-owned mortgage companies, the company believes servicing and satisfaction go hand-in-hand and belong in-house.
It’s a life-long relationship, beginning with top-notch customer service in the origination process, continuing that same level of care in servicing, and understanding customers’ needs through the lifetime of their loans. Achieving this top ranking would not have been possible without the company’s experienced servicing team providing excellent customer service in every interaction, building customer satisfaction, and cultivating trust.
“We wouldn’t be anything without our customers. From our ease of technology to dedicated, lifetime customer support, our business model is built on relationships and the customer experience,” Co-Founder and President Patty Arvielo said. “This is a huge testament to our servicing team on the amazing job they do taking care of our customers.”
The Latina-owned company’s commitment to service extends to representing underserved communities. The percentage of loans from New American Funding to Hispanic and Black borrowers was 44.8% and 38.2% higher, respectively, than the industry percentage in 2021 (per 2021 HMDA data). As part of this commitment to minority groups and understanding its customers, the company’s workforce is made up of 45% minorities, including 23% Hispanic.
The J.D. Power Primary Mortgage Servicer Satisfaction Study measures customers’ satisfaction with their mortgage servicer. New American Funding ranked highest in the following factors:
- Easy to Work With
- Keeping Clients Informed
- Problem Resolution
The overall satisfaction index for New American Funding was the highest among all 31 mortgage servicers that qualified for publishing in the 2022 study, placing the company at #1 in overall customer satisfaction. The J.D. Power study is based on nearly 8,100 total responses from customers who are asked various questions about their mortgage servicer.
While this is the company’s first appearance on the Mortgage Servicing Satisfaction Study, the achievement is commensurate with the company’s ability to grow while maintaining a high level of customer satisfaction. This satisfaction is also echoed by more than 231,000 reviews from customers across the country.
The company has maintained an exceptional level of service while its servicing portfolio experiences significant growth. In 2020, the company’s servicing portfolio started with approximately 124,000 loans totaling $31 billion. As of July 1, 2022, the company’s servicing portfolio had grown to approximately 233,000 loans totaling $61.9 billion, an increase of nearly 88% by loan count and of almost 100% in total loan value.
Through this growth, service and customer satisfaction has remained the priority, resulting in this significant achievement for the company and its team.