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SunTrust takes top spot in customer satisfaction
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Published: October 21, 2008
SunTrust Banks Inc. claimed the top spot for mortgage-origination customer satisfaction in an annual survey by research firm J.D. Power and Associates released today.
With a score of 790 out of 1,000, SunTrust, based Atlanta, nipped National City Corp., based in Cleveland (788), and Wachovia Corp., based in Charlotte (786). Wachovia, which is being sold to Wells Fargo & Co. after having suffered mortgage-related losses, held the top spot in the 2007 survey with a score of 827.
Wells Fargo, based in San Francisco, placed fourth with a score of 766, followed by Bank of America, based in Charlotte (764). Bank of America fell from the No. 3 spot last year, although its score climbed four points.
Countrywide Financial Corp., now owned by Bank of America, had the worst score among the 10 ranked institutions at 728, down from 745 last year. Countrywide, the largest U.S. mortgage lender, has become the symbol for the nation's mortgage mess.
The study measures customer satisfaction with the application/approval process, the loan officer or broker, closing process and problem resolution.
Overall, the industry average score rose to 757 from 750 last year, despite major upheaval in the mortgage market and a slumping U.S. housing market.
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