BoA, SunTrust, Wachovia Tops in Home Equity Survey

Even though consumers are being foreclosed on in near-record numbers, customer satisfaction with home-equity lenders is on the rise, according to a new study released by J.D. Power & Associates. On a scale of 1000, overall customer satisfaction totaled 780 this year, compared to 766 in 2007. J.D. Power surveyed consumers about the application/approval process, closing, treatment by loan officers and problem resolution. When it came to customer satisfaction, Bank of America scored the highest nationwide with 811, followed by SunTrust (809) and Wachovia (807). According to survey figures compiled by National Mortgage News, BoA is the largest second-lien lender in the nation. The bank is in the process of buying Countrywide Financial Corp., the nation's largest residential lender. Countrywide ranked 10th in customer satisfaction with a score of 728.