Wachovia tops list for mortgage-lending satisfaction
13 December 2007
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Wachovia Corp. ranks highest in customer satisfaction for primary mortgage loan originations, according to the 2007 Primary Mortgage Origination Study.
Charlotte-based Wachovia (NYSE:WB) received an overall customer-satisfaction score of 827, based on a 1,000 point scale. Wachovia’s score was nine points higher than that of the nearest competitor, SunTrust Mortgage Inc. Charlotte-based Bank of America Corp. (NYSE:BAC) came in third, with a score of 760.
The average score was 750.
Last year, BofA ranked second and Wachovia was third.
The study measured customer satisfaction in four areas: problem resolution, interaction with the loan representative, application approval and closing. It is based on responses from 4,378 consumers who originated new mortgages between September 2006 and August 2007.
J.D. Power & Associates, based in Westlake Village, Calif., is a global marketing information services firm operating in business sectors that include market research, forecasting, consulting, training and customer satisfaction. The company is a business unit of The McGraw-Hill Cos. (NYSE:MHP).
