Customers Are Happier With The Mortgage Origination Process in 2011

Overall customer satisfaction with primary mortgage lenders has increased considerably from 2010, according to our 2011 U.S. Primary Mortgage Origination Satisfaction Study. Customer satisfaction in 2011 averages 747 on a 1,000-point scale, up 13 points from 2010.

The study measures customer satisfaction in four key factors of the mortgage origination experience:

1. Application/approval process

2. Loan representative

3. Closing

4. Contact

According to David Lo, Director of Financial Services at J.D. Power and Associates, “the increase in customer satisfaction is driven by improvements in many of the key best practices, including proactive status updates, providing a time frame to expect and meeting it, and providing follow-up contact after the application is submitted. This increase in satisfaction is in stark contrast to the mortgage servicing industry, in which homeowner satisfaction has declined significantly from 2010.”

“The reality today is that it’s a lot harder to get credit than it was a few years ago,” said Lo.  “Many homeowners are stuck in their current mortgage and are unable to refinance due to credit or equity challenges, and they’re not happy about it—thus the drop in satisfaction for mortgage servicing. But on the mortgage origination side, among customers who are able to get credit, lenders are taking the extra steps needed to please their customers, and it shows.”

Primary Mortgage Origination Ratings

Quicken Loans ranks highest among primary mortgage lenders for a second consecutive year with a score of 818, and performs particularly well in the application/approval process and closing factors. SunTrust Mortgage follows in the rankings with a score of 791, performing particularly well in the loan representative and closing factors. ING Bank ranks third with a score of 789. Continue reading ›

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