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BRIEF: Satisfaction with mortgage lenders hits 7-year high

Published: Thursday, Nov. 14, 2013 10:23 a.m. CST

(MCT) — Competition among mortgage companies for new clients, particularly first-time homebuyers, has caused customer satisfaction with mortgage lenders to rise to its highest level in seven years, according to a survey.

Quicken Loans ranked highest among primary mortgage lenders for the fourth consecutive year, according to the J. D. Power 2013 U.S. Primary Mortgage Origination Satisfaction Study, released Thursday. Rounding out the top five highest-ranked companies were BB&T (Branch Banking & Trust Co.), U.S. Bank, PNC Bank and Chase.

Overall customer satisfaction rose for the third consecutive year.

"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. J.D. Powers' director of the financial services practice, in a release. "This can be particularly beneficial for those who are first-time homebuyers."

The survey is based on responses from 3,267 customers who originated a new mortgage or refinanced their existing one in the past 12 months.

(c)2013 the Chicago Tribune Distributed by MCT Information Services

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