REALTOR.org published a story yesterday about a JDPower.com study of customer satisfaction with lenders. It comes as no shock to us that your perception of lenders has gone down. One item mentioned in the article is the average time it is now taking to close a loan is 47 days. This compares to 30 days in 2008.
47 days seems quick to us when considering our most recent experiences. One client was in escrow nearly 90 days only to have the lender back out at the last moment. There was added cost to the buyer (buying extensions to the contract) as well as added stress. If you are buying be prepared for delays. And being pre-approved (see our post "Qualification, Approval and Commitment" of November 11) before looking for a property to buy is a help.
You can see the JDPower.com satisfaction survey of mortgage originators here.
And they have a survey on mortgage servicers here.
Don Grafues
Resources: REALTOR.org & JDPower.com
Resources: REALTOR.org & JDPower.com
