Industry NewsMortgage

Study: Mortgage customer satisfaction grows

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Mortgage originators managed to improve customer satisfaction levels in 2008, despite tighter lending standards and doubts about financial markets, according to a study by J.D. Power and Associates.J.D. Power measured customer satisfaction in four areas of mortgage origination: the application and approval process; loan officer or mortgage broker; the closing process; and problem resolution.Overall, customer satisfaction with mortgage originators increased slightly, to 757 on a 1,000-point scale, up 7 points from 2007. J.D. Power said fewer customers reported being asked for additional information after submitting their application; more customers were provided with time frames for application approval; and fewer customers reported that their closing costs were higher than originally estimated. The increase in overall satisfaction was also attributed to lower customer expectations."After hearing so much bad news throughout the industry, customers have come to expect less from the...