BB&T again ranks highest in customer satisfaction among primary mortgage servicing companies
September 17, 2008
GREENVILLE, SC – September 17, 2008 – For the second year in a row, BB&T Corporation (NYSE:BBT) ranks highest in customer service satisfaction among primary mortgage servicing companies, according to a nationwide study released last week by J.D. Power and Associates.
The J.D. Power and Associates 2008 Primary Mortgage Servicer Study(SM) is based on responses from 10,241 homeowners and involves the 26 largest home mortgage providers in the nation.
We’re fully committed to satisfying our clients with highly competent and responsive service, and very proud to be ranked highest among mortgage service providers by J.D. Power and Associates for the second consecutive year, said Tim Day, manager of BB&T’s Greenville, S.C.-based Mortgage Loan Servicing unit.
The study measured customer satisfaction based on billing, payments, contact with the lender, and annual account administration. BB&T’s overall customer satisfaction index score of 839 (based on a 1,000-point scale) was 55 points ahead of the industry average score of 784.
More and more home buyers in our footprint, who in some cases have seen their lenders go out of business, have turned to BB&T because they realize there’s no subprime turmoil or credit crunch here, said Tim Dale, BB&T’s Mortgage Lending manager. They feel a sense of confidence knowing they can put their complete trust in a strong, stable company with money to lend and a service culture that’s second to none.
I’m very pleased that no one at BB&T Mortgage has rested on their laurels after receiving this recognition last year. In fact, it’s been a great year for our division all the way around. Our mortgage production so far this year in a very tough market is up more than 50 percent over last year, and now we’ve again earned this prestigious accolade for mortgage servicing from J.D. Power and Associates.
BB&T services nearly 386,000 loans worth $57 billion. It employs 1,350 people in its Mortgage unit. More information about BB&T Mortgage is available at BBT.com/jdpower.
By improving billing and payment processes, reducing problems, improving retention, and increasing the acquisition of new customers through recommendations, lenders can expect additional annual revenue of about $30 million for every one million loans they service, according to J.D. Power and Associates.
Headquartered in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services firm operating in key business sectors, including market research, forecasting, performance improvement, training and customer satisfaction. The firm’s quality and satisfaction measurements are based on responses from millions of consumers annually. J.D. Power and Associates is a business unit of The McGraw-Hill Companies. For more information, visit JDPower.com.
With $136.5 billion in assets, Winston-Salem, N.C.-based BB&T Corporation is the nation’s 14th largest financial holding company. It operates nearly 1,500 financial centers in 11 states and Washington, D.C. More information about the company is available at BBT.com.
