Kenneth Bargers Blog

Satisfaction with Lenders Declines

Customer satisfaction with their mortgage lender has declined as the time between between application and closing has increased, according to the J.D. Power and Associates 2009 study of mortgage lender satisfaction.

Overall satisfaction among mortgage customers fell to 739 on a 1,000-point scale, down 18 points from 757 in 2008. The decline appeared to be a response to tighter underwriting standards and extended turnaround times.

The study found that the average time required to approve and close a loan has increased to nearly 47 days in 2009, compared with 30 days in 2008. The increased time is a reflection of tighter scrutiny and the rising volume of applications to refinance, lenders say. Borrowers also report that requests for increased documentation have increased from 33 percent of applicants to 45 percent.

Lenders with better-than-average customer satisfaction were:

BB&T (Branch Banking and Trust, 783 out of 1,000
Wachovia, 781
National City Mortgage, 769
SunTrust Mortgage, 769
Wells Fargo, 754
Flagstar Bank, 744
GMAC Mortgage, 744
Bank of America, 741

Source: J.D. Power (11/12/2009)

November 14, 2009 - Posted by kbargers | economy, relocation | Bank of America, bargers solutions, BB&T, Flagstar Bank, GMAC Mortgage, j.d. power, kenneth bargers, mortgage lender satisfaction, National City Mortgage, prudential woodmont realty, realtor, SunTrust Mortgage, Wachovia, Wells Fargo