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.”