Customer satisfaction with mortgage lenders reached a seven-year high this year, according to J.D. Power’s 2013 U.S. Primary Mortgage Origination Satisfaction Study.
The study measured customer satisfaction in four key areas: application/approval process, loan representative, closing, and contact.
“As refinancing volumes are on the decline, consumers contemplating purchasing a home are likely to have multiple lenders competing for their business,” said Craig Martin, director of financial services practices at J.D. Power. “This can be particularly beneficial for those who are first-time homebuyers. First-time buyers often have questions and should not be afraid to ask prospective lenders about the specifics of the mortgage process and how they will be kept informed. Much of the stress with borrowing comes from a lack of information and knowledge during the process.”
In this survey, the following lenders ranked the highest in customer satisfaction:
1. Quicken Loans (tops list for fourth consecutive year)
2. BB&T (Branch Banking & Trust Co.)
3. U.S. Bank
4. PNC Mortgage