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Thursday, December 17th, 2009

We like our mortgage lenders. Really.

December 14, 2007 by Dan  
Filed under Finance

With all the problems in the mortgage-lending business, you’d think borrowers would be more than unhappy with mortgage lenders. You’d think a majority of them would be furious with them.

But that’s not the case. Really.

Every year, J.D. Power and Associates releases its Primary Mortgage Origination Study. You can read details on the current report here. What it says, though, is that the vast majority of mainstream borrowers with good credit applying for moderately sized loans are happy with their mortgage lenders.

Now, those consumers taking out non-standard loans, and those with weaker credit, where not as happy with their mortgage professionals. But that’s to be expected.

The study also ranked mortgage lenders in terms of overall customer satisfaction. Wachovia topped the list, followed by SunTrust Mortgage, Bank of America, National City Mortgage, CitiMortgage/CitiBank and Chase. Banks scoring below the industry average include Wells Fargo, Countrywide Home Loans, GMAC Mortgage, ABN AMRO Mortgage, American Home Mortgage Corp., WaMu and First Franklin.

The report shows that most borrowers do have a positive mortgage-lending experience. That’s good to keep in mind. We hear often about the predatory lenders. Most mortgage loan officers, though, are simply doing their job. And doing that has gotten a whole lot harder in the last year or so.

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  1. [...] Check it out! While looking through the blogosphere we stumbled on an interesting post today.Here’s a quick excerpt With all the problems in the mortgage-lending business, you’d think borrowers would be more than unhappy with mortgage lenders. You’d think a majority of them would be furious with them. But that’s not the case. Really. Every year, J.D. Power and Associates releases its Primary Mortgage Origination Study. You can read details on the current report here. What it says, though, is that the vast majority of mainstream borrowers with good credit applying for moderately sized loans are happy with t [...]



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