Despite the ongoing mortgage crisis, customer satisfaction with regard to home equity loan lending actually improved in 2008, according to the 2008 Home Equity Line/Loan Origination Study released by J.D. Power today.
The survey, which ranks banks and mortgage lenders using four metrics including application/approval process, closing, loan officer/banker quality, and problem resolution, awarded Bank of America top honors.
The Charlotte-bases bank received an overall index score of 811 out of 1,000, largely for its favorable application and approval process.
It was followed closely by SunTrust (809 points), which excelled in loan officer/banker representation, and Wachovia (807 points), which was particularly strong in the closing department.
The study found that quick approvals and access to funds, meeting expectations during the approval process, avoiding surprises, flexibility in the closing process, and “being mindful of the pitfalls of using a mortgage broker” were the keys to satisfaction.
Not sure what the last item there refers to, but it’s likely another misguided shot at mortgage brokers who continue to take a great deal of flak for the current mess we’re in.
Interestingly, Countrywide Financial ranked last in customer satisfaction with a score of just 728, well below the industry average score of 780.
Hopefully the impending merger with Bank of America will even things out a bit.
The survey was based on the responses of 3,176 customers who originated a home equity line or home equity loan between February 2007 and January 2008.