WINSTON-SALEM, N.C., Nov. 23 /PRNewswire-FirstCall/ -- BB&T Corporation ranks highest in mortgage loan origination customer satisfaction, according to a nationwide study released Nov. 12 by J.D. Power and Associates.
The J.D. Power and Associates 2009 Primary Mortgage Origination Satisfaction Study(SM) was based on responses from 3,400 consumers who originated new mortgages in the previous 12 months and involved the 15 largest home mortgage lenders in the nation.
"Our industry has experienced a challenging one-two punch in the past year," said Mike Jablonski, retail production manager for BB&T Mortgage. "Lending criteria tightened while lower interest rates increased the demand for new mortgages and refinanced mortgages. Both have contributed to longer approval times. At BB&T we've achieved a high level of client satisfaction by keeping clients apprised of the process and managing their expectations."
The study measured customer satisfaction based on the mortgage origination experience, application and approval process, loan officer/mortgage broker performance, closing and contact. BB&T's overall customer satisfaction index score of 783 (based on a 1,000-point scale) was 44 points ahead of the industry average score of 739.
"BB&T's 137-year history of strength and stability has helped fuel our mortgage origination business," said Tim Dale, manager of BB&T's Mortgage Lending unit. "We believe this ranking shows that our clients feel confident in putting their trust in BB&T. And that's due to our commitment to superior client service and reputation as a strong, stable company with money to lend."
BB&T has originated 64,239 retail mortgage loans through October. It services more than 451,000 mortgage loans worth $70.3 billion. It employs 1,500 people in its Mortgage unit. More information about BB&T Mortgage is available at BBT.com/jdpower.
Improving mortgage origination customer satisfaction plays a critical role in improving advocacy, loyalty and cross-sell opportunities for lenders, according to J.D. Power and Associates. The study also found that overall satisfaction among mortgage customers has declined as a result of tighter underwriting standards and longer turnaround times.
Headquartered in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services firm operating in key business sectors, including market research, forecasting, performance improvement, training and customer satisfaction. The company's quality and satisfaction measurements are based on responses from millions of consumers annually. J.D. Power and Associates is a business unit of The McGraw-Hill Companies. For more information, visit JDPower.com.
At Sept. 30, Winston-Salem, N.C.-based BB&T Corporation had $165.3 billion in assets and operated more than 1,800 financial centers in 13 states and Washington, D.C. More information about the company is available at BBT.com.
BB&T Corporation
CONTACT: Tim Dale, Executive Vice President, Mortgage Lending Manager,
+1-252-296-0200, or Mike Jablonski, Senior Vice President, Mortgage Retail
Production Mgr., +1-252-296-0150, Jeff Nichols, Vice President, Corporate
Communications, +1-336-733-1472, FirstCall Contact: Tamera Gjesdal,
+1-336-733-3058
Web Site: http://www.bbt.com/
