BB&T records record refi activity in 2009
At a time when mortgage clients need it most, BB&T Corporation's retail mortgage operation is helping current and potential homeowners with their mortgage financing needs. In 2009, BB&T originated more than 72,500 retail mortgage loans, a 97 percent increase over 2008. That figure includes 53,500 refinanced mortgages and 19,000 new mortgages. BB&T also closed 6,600 loans worth nearly $1.3 billion under the Homeowners Affordability and Stability Plan (HASP) to help keep families in their homes. BB&T services more than 451,000 mortgage loans worth $70.3 billion. It employs 1,500 people in its Mortgage unit. "More homeowners and potential homeowners than ever before continue to turn to BB&T for their mortgage loans," said Tim Dale, manager of BB&T's mortgage lending unit. "They come to us for great service, and because they want the peace of mind that comes from working with a company that is truly interested in their long-term financial success. Our goals have always been to help clients get into the home of their dreams, and provide quality service throughout the life of the loan. We're proud of last year's record performance and we're very optimistic about the outlook for the remainder of 2010." Last year, the mortgage industry experienced tighter underwriting standards and increased loan demand due to lower interest rates. Both contributed to longer approval times and a decline in overall customer satisfaction across the mortgage industry, according to a nationwide study released in November by J.D. Power & Associates. Yet even with a record number of originations, J.D. Power & Associates ranked BB&T highest in mortgage loan origination customer satisfaction. The 2009 Primary Mortgage Origination Satisfaction Study, which included the 15 largest home mortgage lenders in the nation, measured customer satisfaction based on the mortgage origination experience, application and approval process, loan officer/mortgage broker performance, closing and contact. BB&T's overall customer satisfaction index score of 783 (based on a 1,000-point scale) was 44 points ahead of the industry average score of 739. BB&T Corporation also ranked second in the nation last year by J.D. Power & Associates for customer service satisfaction among primary mortgage servicing companies. The 2009 Primary Mortgage Servicer Study measured customer satisfaction based on billing, payments, contact with the lender, and annual account administration. BB&T's overall customer satisfaction index score of 777 (based on a 1,000-point scale) was 47 points ahead of the industry average of 730. For more information, visit www.BBT.com.