The study measured client's satisfaction with application approval process, interaction with loan representatives, the closing process and the resolution of any problems encountered.
The study found that satisfaction has remained steady at 75% of mainstream borrowers with good credit who are applying for moderately-sized mortgage amounts.
Other conclusions included that clients were more satisfied with the loan process when they were able to work directly with the lender than through a broker. Another is that client that demanded clear communication of their lender were more likely to receive it from them. Also clients that entered in to the application process prepared to present required documentation experienced a much smoother loan process.
Based on a scale of 1,000 points, here is how lending institutions nationwide stacked up:
Several of these lenders are available to prospective borrowers here in the San Diego market.
Wachovia - 827 pts.
SunTrust Mortgage - 818 pts.
Bank of America - 760 pts.
National City Mortgage - 759 pts.
CitiMortgage/Citibank - 753 pts.
Chase - 752 pts.
Industry Average 750 pts.
Wells Fargo - 749 pts.
Countrywide Home Loans - 745 pts.
GMAC Mortgage - 744 pts.
ABN AMRO Mortgage - 740 pts.
American Home Mortgage Corporation - 736 pts.
Washington Mutual - 733 pts.
First Franklin - 595 pts.
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