For Immediate Release: Aug. 15, 2006
Contact: press@decisionanalyst.com
Wells Fargo Bank Holds Most Mortgages, According to American Consumer Opinion® Study
Arlington, Texas – Homeowners have mortgages with Wells Fargo Bank more than any other financial institution, according to a nationwide survey by American Consumer Opinion®.
For its recent Financial Services Report, American Consumer Opinion® asked a representative sample of homeowners to identify where they obtained their mortgages. Wells Fargo Bank was identified as lender by 13.9 percent of respondents, making it the most often mentioned. Following Wells Fargo Bank, Countrywide was identified as lender by 11.1 percent of respondents, Bank of America by 7.3 percent of respondents, Washington Mutual by 6.6 percent, Chase/JP Morgan Chase by 6.3 percent, CitiMortgage or CitiFinancial Mortgage by 5.9 percent, ABN Amro Mortgage by 3.1 percent, and HSBC by 2.4 percent.
By gender, men most often identified Wells Fargo Bank as their mortgage holder (16.9 percent of male respondents), while women most often cited Countrywide (12 percent of female respondents).
Across all income levels, the top three lenders again were, in descending order, Wells Fargo Bank, Countrywide and Bank of America.
By age, respondents 18 to 29 years old most often identified Bank of America as their lender (26.3 percent), while respondents 30 to 44 years old most often cited Wells Fargo Bank (17.4 percent). Both Wells Fargo Bank and Countrywide were cited as mortgage holders by 12.4 percent of respondents 45 to 59 years old. Survey participants age 60 or older most often identified Countrywide as their mortgage holder (14.9 percent response), followed by Bank of America (10.6 percent) and Wells Fargo (8.5 percent).
Methodology
American Consumer Opinion®’s Financial Services Report was conducted in June 2006 using a statistically balanced sample of 628 respondents who have at least one account with a bank, savings and loan, credit union, or brokerage firm. The margin of error is plus or minus 4 percent.
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