BB&T Reports Record Refi Activity

Posted by Orb Staff on March 02, 2010 No Comments
Categories : Residential Mortgage

Winston-Salem, N.C.-based BB&T Mortgage originated more than 72,500 retail mortgage loans last year – a 97% increase over 2008. That figure includes 53,500 refinanced mortgages and 19,000 new mortgages, the company says.

BB&T also closed 6,600 loans worth nearly $1.3 billion under the Home Affordable Modification Program.

‘We're proud of last year's record performance, and we're very optimistic about the outlook for the remainder of 2010,’ says Tim Dale, manager of BB&T's Mortgage Lending unit.

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 and Associates.

BB&T received the highest ranking in J.D. Power and Associate's 2009 Primary Mortgage Origination Satisfaction Study and the second-highest ranking in its Primary Mortgage Servicer Study.

The origination study included the nation's 15 largest home mortgage lenders and 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.

Last year's 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.

BB&T services more than 451,000 mortgage loans worth $70.3 billion.

SOURCE: BB&T Mortgage

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