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BB&T Ranks First Among
Banks in National Survey of Home Mortgage Customer Satisfaction
BB&T Corporation is second in the nation in home mortgage customer
satisfaction, according to J.D. Power. BB&T's ranking places it first
among banks.
The 2003 J.D. Power and Associates Home Mortgage Study was based on
responses from home mortgage customers across the United States, according
to the marketing information firm's Web site.
"At BB&T Mortgage, we love putting people into homes and it shows in the
integrity, fairness and caring enthusiasm of our employees," said Tim
Dale, BB&T's Mortgage Lending manager. "We're honored to be recognized by
our clients for superior client satisfaction, particularly in a
high-volume refinance environment."
Low interest rates helped lenders set a $2.5 trillion production record in
2002. About $1.45 trillion of that went to refinance mortgages. But the
record volume took a toll on service, the study found.
The criteria used to rank the nation's 27 largest home mortgage providers,
listed in order of importance according to J.D. Power, are: day-to-day
administration of the account; billing and payment process;
customer-initiated contact experience; and loan origination process.
Customers who remain with the lender that originated their mortgage are
far more satisfied than those whose mortgages have been "flipped" or
resold to another lender, the study noted. Among the 31 percent of all
customers whose mortgages are resold, only 17 percent said they would
consider using their new service provider for their next mortgage.
BB&T, the No. 1 mortgage originator in the Carolinas, retains servicing on
all its mortgage loans. Its mortgage loan portfolio is approximately $35
billion. In 2002, its mortgage loan production was more than $14 billion,
a record for the bank.
BB&T introduced a free Web-based mortgage monitoring service in 2002 that
offers clients a convenient and secure tool to manage their mortgage
online. Using a Web browser and desktop or portable PC, clients can track
their current loan, escrow, tax and private mortgage insurance
information.
BB&T was ranked second behind USAA, a San Antonio, Texas-based mutual
insurance company which specializes in serving the military community.
More than 7,800 lenders in North America offer mortgage loans, according
to J.D. Power.
Westlake Village, Calif.-based J.D. Power and Associates is a global
marketing information services firm specializing in market research,
forecasting, consulting, training and customer satisfaction. The firm's
quality and satisfaction measurements are based on responses from millions
of consumers annually.
Winston-Salem-based BB&T Corporation operates more than 1,100 banking
offices in the Carolinas, Georgia, Virginia, Maryland, West Virginia,
Kentucky, Tennessee, Florida, Alabama, Indiana and Washington, D.C.
With $78.2 billion in assets as of Sept. 30, BB&T Corp. is the nation's
13th largest financial holding company. Barron's, a Dow Jones weekly,
ranks BB&T as the second highest performing financial institution in the
country.
Source: dBusinessNews
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