The results of J.D. Power & Associates' new study measuring customer satisfaction with home equity lenders are in, and—surprise!—Countrywide gets creamed.
Here are the results (on a 1,000-point scale) from Realtor magazine:
- Bank of America: 811
- SunTrust: 809
- Wachovia: 807
- Chase: 791
- Industry Average: 780
- WaMu/Washington Mutual: 773
- CitiMortgage/Citibank: 762
- National City Bank: 756
- Wells Fargo: 755
- Countrywide Home Loans: 728
Tim Ryan, the senior research director of the finance and insurance practice at J.D. Power, has tips for anyone looking to get a deal on a home equity loan:
One tip for consumers who are shopping for a home equity loan or line of credit is to contact several lenders and allow them to compete for your business.... Shoppers may be able to secure lower fees and points and better interest rates as a result. In addition, shoppers should make sure they completely understand the terms of their loan before signing the closing papers. If anything is unclear or unexpected, shoppers have the right to receive an explanation, as well as to renegotiate the terms or to walk away. Another approach is for shoppers to work with their existing lender. Through this lender, shoppers may be able to consolidate multiple accounts, as well as negotiate for—and obtain—a competitive interest rate.
Oh, J.D. Power & Associates, is there no consumer transaction experience you can't improve?
Cynthia of NY @ Mar 28, 2009 07:14:31 AM
muskan of IN @ Feb 23, 2009 11:18:14 AM