Survey Says Buyer Satisfaction
Despite turmoil in the mortgage market in 2007, borrowers’ overall satisfaction with the mortgage lending industry has remained steady since 2006, says J.D. Power and Associates’ 2007 Primary Mortgage Origination Study.
The study measures customer satisfaction with application approval, interaction with loan representatives, closing and problem resolution. “While it’s true that borrowers with weaker credit and those seeking larger ‘jumbo’ loans experience longer approval times and requests for more documentation, satisfaction has remained steady among the 75 percent of mainstream borrowers with good credit applying for moderately sized loans,” says Tim Ryan, senior director of the mortgage practice at J.D. Power. The study concluded that consumers were more satisfied when they worked directly with the lender rather than through a broker. It also found that customers who demand clear communication from their lender are more likely to get it than those who don’t. And customers who supply required documentation upon application have a smoother loan process.
The overall mortgage lender satisfaction ranking was based on a 1,000-point scale: Mortgage Lender Rankings: Wachovia, 827
SunTrust Mortgage, 818
Bank of America, 760
National City Mortgage, 759
Industry Average, 750
Wells Fargo, 749
Countrywide Home Loans, 745
GMAC Mortgage, 744
ABN AMRO Mortgage, 740
American Home Mortgage Corp., 736
First Franklin, 595
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