Despite the upheaval among lenders and declining home values, customer satisfaction with home-equity lines of credit remains high, according to the J.D. Power and Associates 2008 Home Equity Line/Loan Origination Study released May 28.
"Ongoing troubles in the housing and mortgage lending markets have had the effect of lowering customer expectations around the home equity loan and line of credit origination process,” says Tim Ryan, senior research director of the finance and insurance practice at J.D. Power and Associates.
The study is based on reports from 3,176 customers who took out a home equity line/loan between February 2007 and January 2008. Among other things, customers were asked about their experiences with applications, approvals, closing and use of brokers.
Here’s how the lenders compared. The rankings are based on a 1,000-point scale.
* 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
Source: J.D. Power and Associates (05/29/08)
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