Overall satisfaction among mortgage customers fell to 739 on a 1,000-point scale, down 18 points from 757 in 2008. The decline appeared to be a response to tighter underwriting standards and extended turnaround times.
The study found that the average time required to approve and close a loan has increased to nearly 47 days in 2009, compared with 30 days in 2008. The increased time is a reflection of tighter scrutiny and the rising volume of applications to refinance, lenders say. Borrowers also report that requests for increased documentation have increased from 33 percent of applicants to 45 percent.
Lenders with better-than-average customer satisfaction were:
- BB&T (Branch Banking and Trust, 783 out of 1,000
- Wachovia, 781
- National City Mortgage, 769
- SunTrust Mortgage, 769
- Wells Fargo, 754
- Flagstar Bank, 744
- GMAC Mortgage, 744
- Bank of America, 741
