SunTrust Mortgage earned top marks in J.D. Power and Associates 2008 Primary Mortgage Origination Satisfaction Study, while former lending giant Countrywide scored the lowest.
The Atlanta, Georgia-based mortgage lender received a score of 790 out of a possible 1,000 points, performing especially well in application/approval process and closing process.
Countrywide scored last on the list with 728 points, narrowly topped by Chase with 729 points and GMAC with 742 points, so it’s fortunate that Bank of America earned top marks in problem resolution.
The industry average increased seven points from last year to 757, thanks to fewer customers being asked for additional loan documentation after submitting their applications, more customers being provided with time frames for application approval, and closing costs falling closer to original estimates.
However, the increase in satisfaction could be at least partially attributed to lower expectations from customers, according to Tim Ryan, director of the financial services practice at J.D. Power.
“After hearing so much bad news throughout the industry, customers have come to expect less from their lenders, so they are often pleasantly surprised when those expectations are met or even exceeded,” he said, in a release.
The survey uses four metrics for measuring satisfaction, including application/approval process, loan officer/representative or mortgage broker, closing process, and problem resolution.