SunTrust Tops JD Power HE Servicer Rankings

SunTrust ranked highest in overall customer satisfaction among home equity servicers in the J.D. Power and Associates 2007 Home Equity Line/Loan Servicer Study, according to the marketing information firm.The company said the study measures customer satisfaction with home equity line/loan servicers among 4,964 consumers who had obtained a home equity loan or line of credit from October 2006 to June 2007. SunTrust scored 770 on a 1,000-point scale, performing especially well in the area of product features and functionality, J.D. Power reported. Bank of America ranked second, with a score of 755 and especially good marks on funds access, and Wachovia finished third, with a 747 and its best marks in billing and payment. "Servicing a home equity product involves considerable complexity, particularly when compared to the origination of home equity or primary mortgages," said Tim Ryan, senior director of the company's finance and insurance practice. "Customers can make multiple draws on their home equity line accounts, apply for increases to their credit limit, and have a wide array of lock features and access methods -- all of which can be confusing." J.D. Power, headquartered in Westlake Village, Calif., can be found online at http://www.jdpower.com.