Customer Satisfaction Ranks Released on Banking Institutions

By Joanie Miller | October 21, 2008

J.D. Power and Associates released a report yesterday outlining the 2008 Primary Mortgage Origination Satisfaction Study and the study finds that consumers are more satisfied this year over last year. Among the top lending institutions were SunTrust Mortgage Corporation, National City Mortgage, Wachovia, Wells Fargo, Bank of America, WaMu/Washington Mutual, CityMortgage/Citibank, GMAC Mortgage, Chase and Countrywide Home Loans.

According to the press release, “The study measures customer satisfaction in four key factors of the mortgage origination experience: application/approval process; loan officer/representative or mortgage broker, closing process; and problem resolution.” The study, which was held in June of this year, was based on 4,256 consumers who originated loans in the previous year from that date.

All of the above mentioned lenders ranked above the national average which is based on a 1,000 point system with the exception of three. Those that didn’t meet the industry standard were GMAC Mortgage, Chase and Countrywide Home Loans. SunTrust was able to gather the most pleased customers and ranked at 790 points on the scale.

The director of financial services practice at J.D. Power and Associates, Tim Ryan said, “Many customers blame financial institutions for the current economic situation, and many also have doubts about their futures. In such an uncertain environment, it becomes especially important for lenders to re-establish trust with customers through the loan officer relationship.”

If you need assistance with obtaining a mortgage for real estate in Panama City Beach, please feel free to contact us. We have years of experience in the real estate industry and know various local lenders that are not only ethical, but have extensive knowledge in the lending industry. For a list of those lenders, head over to our Local Business Directory.

You can read the full J.D. Power and Associates press release, here:

J.D. Power and Associates 2008 Primary Mortgage Origination Customer Satisfaction Survey

Photo courtesy of Flickr’s pmow, photostream called “Suntrust Holiday Party.”

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