J.D. Power and Associates, a sister unit of BusinessWeek in The McGraw-Hill Companies, came out last week with a report on overall customer satisfaction with primary mortgage lenders.
Here are the top five:
Bank of America
Notice that they’re all big. No friendly local bankers among them. That’s no coincidence, according to Rocky Clancy, executive director of the banking and mortgage practice at J.D. Power. Here’s what he says in the press release:
“Contrary to other financial services sectors where smaller firms tend to perform better and relationships are key drivers of satisfaction, the highest-ranking mortgage lenders are large-scale players. Accordingly, process carries greater weight in determining overall satisfaction.”
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.