Loving Your Loan Officer Is Back In Vogue?
Hating your loan officer is so last year. J.D. Power sees a rise in customer satisfaction in applying for home equity loans or lines of credit.
Customer happiness about the experience is up nearly 2 percent since 2007--to 780 on a scale of 1,000 points. That would be a C+/B- if I was handing out a grade.
This from Tim Ryan, senior research director of the finance and insurance practice at J.D. Power and Associates:
"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...As a result, customers who obtained a home equity product report being more satisfied with the process in 2008, compared with 2007, even though measures of service-such as the average length of time for application approval-have remained consistent during the past year."