Industry NewsMortgage

Lenders scoring lower on customer satisfaction

Loan approvals taking a month

Customer satisfaction with mortgage originators is on the decline as the time from loan application to approval has grown to 27.5 days, up from 20 days last year, according to a study by J.D. Power and Associates.The time frame for the entire origination process increased for a third consecutive year, reaching 52.1 days in 2010, up from 46.9 days in 2009, J.D. Power said.Overall customer satisfaction with the loan application and approval process, loan officer or mortgage broker, and closing, dropped five points in 2010, to 734 on a 1,000-point scale.Quicken Loans ranked highest among 14 primary mortgage lenders evaluated, with a score of 826. Other originators beating the industry average were MetLife Home Loans (808), PNC/National City Mortgage (776), U.S. Bank (775), SunTrust Mortgage (770), Branch Banking and Trust (767), Fifth Third Mortgage (767), Wells Fargo (758), GMAC Mortgage (746) and Provident Funding Associates (743).Scoring below the industry average of 734 were Flagstar ...

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