Industry News

Lenders score points by keeping consumers up-to-date

Borrowers miffed when payments, closing costs don't match estimates

Consumers ranked Wachovia, SunTrust and Bank of America as the best mortgage loan originators in terms of customer satisfaction, with First Franklin, Washington Mutual and American Home Mortgage Co. among those scoring below the industry average. That's according to 4,378 consumers polled by J.D. Power and Associates for the firm's 2007 Primary Mortgage Origination Study. The study measured customer satisfaction with four aspects of mortgage origination -- application approval; interaction with loan representatives; closing; and problem resolution. Despite this year's turmoil in the lending industry, the industry average score -- 750 on a 1,000-point scale -- was consistent with last year's results, J.D. Power said in a press release. The study found consumers were more satisfied and experienced fewer problems when they worked directly with a mortgage lender instead of a mortgage broker or online service. Lenders scored points with consumers when they provided time fra...