Wachovia Ranks Highest In Primary Mortgage Loan Originations According To J.D. Power And Associates Survey


    Wachovia moved up from ranking third in 2006

    CHARLOTTE, N.C. – December 13, 2007 – Wachovia Bank is ranked highest in customer satisfaction for primary mortgage loan originations in 2007, according to the 2007 Primary Mortgage Origination Study.

    In a report issued today by J.D. Power and Associates, Wachovia received an overall customer satisfaction score of 827, based on a 1,000 point scale, which was nine points higher than the nearest competitor. The average score was 750.

    “We are honored to be recognized as the top bank in mortgage loan origination customer satisfaction by J.D. Power and Associates,” said David Pope, Wachovia’s chief operating officer for Wachovia Mortgage and Retail Credit. “Wachovia has tremendous pride in our customer service reputation, and we look forward to continuing to deliver outstanding service to all of our mortgage customers.”

    Becky DeGeorge, customer experience leader for Wachovia Mortgage and Retail Credit, said, “We are proud to be setting a new standard in customer service for the mortgage industry. Our consistent leadership in customer satisfaction shows we have a model that works across all business lines. That’s a great foundation for winning the loyalty of existing customers and attracting new customers in a challenging environment.”

    The study measured customer satisfaction in four key factors: problem resolution, interaction with the loan representative, application approval and closing.

    Wachovia has been recognized by multiple independent organizations for providing exceptional customer service. Wachovia rated No. 1 among major banks in overall customer satisfaction according to 2006 Consumer Reports; in addition, Wachovia has been ranked highest in overall customer satisfaction for two consecutive years in J.D. Power and Associates’ Home Equity Line/Loan Origination Study. Wachovia also rated No. 1 in customer satisfaction for the sixth consecutive year in the 2006 University of Michigan Business School’s American Customer Satisfaction Index.

    About Wachovia Corporation
    Wachovia Corporation (NYSE:WB) is one of the nation’s largest diversified financial services companies, with assets of $754.2 billion and market capitalization of $95.3 billion at September 30, 2007. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to 13 million household and business customers. Wachovia has 3,400 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. Our retail brokerage operations under the Wachovia Securities brand name manage more than $800 billion in client assets through 11,400 registered representatives in 786 offices nationwide. The acquisition of A.G. Edwards, Inc., following the end of the third quarter, added approximately 740 offices, 6,300 financial consultants and $384 billion in brokerage client assets. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com; and investment products and services at evergreeninvestments.com.

    About J.D. Power and Associates
    Headquartered in Westlake Village, CA., J.D. Power and Associates is an ISO 9001-registered global marketing information services firm operating in key business sectors including market research, forecasting, performance improvement, training and customer satisfaction.  The firm’s quality and satisfaction measurements are based on responses from millions of consumers annually.  For more information on car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, please visit JDPower.com. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.

    Previous articleJustice Department Obtains Court Approval to Distribute $700,000 in Fair Housing Lawsuit
    Next articleFed Pumps Up Banking System to Treat Credit Crunch