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Best & Worst Places to Live in 2014

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Local Edition ORIGINATION Smiles Abound with Quicken Customer satisfaction with originators rises as Quicken's reign continues. MICHIGAN // Customer satisfaction with mortgage loan originators reached a seven-year high last year with Quicken Loans earning the highest ranking for the fourth year in a —Paul Anastos, Mortgage Master The company is now based in Austin. TEXAS // Mortgage Master, a super-regional mortgage bank and one of the United States' largest privately owned mortgage companies, announced the opening of its first retail branch in Austin, Texas. Having received its Texas mortgage banker license, Mortgage Master is now ready to originate home mortgage loans all over the Lone Star State, providing purchase borrowers and refinancers a new outlet as they shop around. "After 25 years of responsible mortgage lending, Mortgage with attracting high-quality loan originators and expanding production volumes and market share in the Austin marketplace while providing low pricing and best-in-class service to borrowers. "As we continue to expand, Mortgage Master is attracting experienced leaders like Larry, as well as high-quality loan originators throughout the U.S. because of our support and sustainable business model, which providers borrowers with some of the best pricing available and enables loan officers to increase their production and income," Anastos said. row, according to the J.D. Power 2013 U.S. Primary Mortgage Origination Satisfaction Study. The study ranks originators on a 1,000-point scale, taking into consideration four factors, including the application/approval process, loan representatives, closing, and contact with lenders. Satisfaction across the industry increased for the third year in a row, reaching a seven-year high of 771. Five originators earned scores above the industry average. Topping the list was Quicken Loans with a score of 841. The M Report | 43 se c on da r y m a r k e t Mortgage Master Expands Footprint in Texas a na ly t ic s "Mortgage Master is excited about doing business in the great state of Texas and helping borrowers find the right mortgage solution when purchasing or refinancing a home." The remaining four lenders to outrank the industry average are BB&T (798), U.S. Bank (783), PNC Mortgage (778), and Chase (773). Just below the industry average, Wells Fargo Home Mortgage earned a score of 768, followed by CitiMortgage at 764. Those refinancing their mortgage loans were more satisfied with the process than those purchasing a home, according to J.D. Power. Satisfaction among refinancers was 775 compared to 765 among homebuyers. J.D. Power attributes this to "refinance customers' familiarity with the process." However, first-time homebuyers were significantly more satisfied with the process than repeat buyers. The satisfaction ranking for first-time buyers is 772 compared to 757 for repeat buyers. First-time buyers were the most likely category of customers to acquire additional fees at closing. Seventeen percent of first-time buyers had fees tacked on at closing compared to 8 percent of repeat buyers and 7 percent of refinancers. First-time buyers were also the most likely to cite problems with understanding their loan options. While 81 percent of refinancers said their loan officer "clearly explained their options," just 61 percent of first-time buyers indicated the same. "Much of the stress with borrowing comes from a lack of information and knowledge during the process," said Craig Martin, director of the financial services practice at J.D. Power. Martin encourages first-time buyers to ask questions and gain an understanding of how and when they will be updated throughout the process. While only a minority of customers close their loans electronically, J.D. Power said, "[t]he use of electronic closing documents improves customer closing satisfaction." Just 8 percent of customers closed their loans electronically, but their satisfaction rating with the closing process was 830, while satisfaction among those who closed in person was 772. s e r v ic i ng Master is excited about doing business in the great state of Texas and helping borrowers find the right mortgage solution when purchasing or refinancing a home," said Mortgage Master president Paul Anastos. Piloting the Austin location are branch manager Larry Weisinger and originators Christian Pfluger III and Christina Cadenhead. With more than 15 years' industry experience, Weisinger is charged Or ig i nat ion "We're very excited to partner with Mason-McDuffie Mortgage and empower their team with tools that help remove all the friction in getting reverse mortgages funded quickly," said ReverseVision CEO John Button. "It is exciting for us to be working with a company with such a solid reputation and long history in the mortgage banking space." Using ReverseVision's reverse mortgage-focused software, Mason-McDuffie says it hopes to streamline the reverse mortgage process and make it more efficient for users. "Reverse mortgages are a powerful tool for retirees to not only be able to afford to age gracefully in their homes, but also to acquire a new house as they downsize—all without having to worry about making monthly payments," said Marilyn Richardson, president and CEO of Mason-McDuffie Mortgage. "ReverseVision's platform makes it easy for our loan officers to design just the right reverse mortgage and then explain it to each borrower so that they [sic] fully understand how this financial tool works."

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