In the midst of HELOC line reductions and increasingly strict lending standards, a new study from J.D. Power and Associates comes as a surprise. Apparently, HELOC customer satisfaction is up this year:
“Despite an economy affected by a stagnant housing market, decreasing home values and upheaval among lenders, overall customer satisfaction with the home equity line of credit/loan origination process has improved since 2007, according to the J.D. Power and Associates 2008 Home Equity Line/Loan Origination Study(SM) released today. Overall customer satisfaction in 2008 averages 780 on a 1,000-point scale, increasing by 14 points from 766 in 2007.”
Why the increase? It could be that customers are given more attention despite the recent lending problems. Or, perhaps more likely, prospective borrowers are so happy that they’re even able to take out a HELOC in today’s market that they overlook the details. Despite the many HELOC problems borrowers have dealt with this year, it is true that these customers have extremely low interest rates.
Major HELOC lenders showing the greatest customer satisfaction include Bank of America, Suntrust, and Wachovia.
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