Regions Financial Ranks Highest in Customer Satisfaction Among Primary Mortgage Servicing Companies According to J.D. Power and Associates Study

Regions Financial Corporation (NYSE:RF) ranks highest in customer satisfaction among primary mortgage servicing companies, according to a nationwide study by J.D. Power and Associates.

The J.D. Power and Associates 2009 Primary Mortgage Servicer Satisfaction Study is based on responses from more than 5,000 homeowners and involves the 27 largest home mortgage providers in the nation. The study measured customer satisfaction based on four primary areas: the administration of the customer’s account; the billing process; the payment process; and the process of contacting the mortgage servicer. Regions Mortgage received an overall customer satisfaction index score of 780, based on a 1,000 point scale which was 50 points higher than the industry average score of 730.

"We are honored to be recognized as the top bank in mortgage servicing customer satisfaction by J.D. Power and Associates,” said David Rupp, senior executive vice president and head of Regions’ Consumer Services Group. "We want homeowners to know that they can count on Regions to provide reliable and personalized service through the life of their loan, during good times and difficult ones alike. As part of our commitment to providing outstanding service, we are doing all we can to help distressed homeowners avoid foreclosure by providing loan repayment plans, forbearance, and modifications where appropriate and whenever possible.”

Regions services more than 300,000 first mortgage loans with balances of $38 billion and has expanded outreach to distressed borrowers in response to the economic downturn. In 2007 Regions launched a Customer Assistance Program to proactively contact at-risk borrowers prior to loan default occurring with a goal of helping homeowners avoid foreclosure. In May 2009 Regions began participating in the government’s Making Home Affordable program to provide mortgage modifications to borrowers with Fannie Mae or Freddie Mac mortgage loans serviced by Regions.

To date, Regions has modified 35 percent of all residential first mortgages that have been delinquent by 60 days or more through our Customer Assistance program and the Making Home Affordable program, which far exceeds the national average of 9 percent as reported by the U.S. Department of the Treasury in July 2009. Regions has also made information on loan modification assistance available to borrowers on regions.com and established dedicated toll-free numbers to direct distressed mortgage customers to modification specialists quickly.

"At Regions we strive to provide the convenience, responsiveness and flexibility that our customers deserve and we continue to adapt our business practices to meet the changing needs of homeowners,” said Todd Chamberlain, executive vice president and head of Regions’ Mortgage Division. "In today’s economic environment consumers require a higher level of service and we are pleased that new customers are choosing Regions to meet their lending and refinancing needs.”

"This study shows our customers that we are committed to meeting their needs and we are here to help. We couldn’t be more pleased that our mortgage customers view Regions as the ‘best of the best’ to assist them during these challenging economic times.”

Regions has experienced record mortgage origination activity in 2009 as more consumers have chosen Regions Mortgage when purchasing a new home or refinancing their current home. Mortgage production is up 83 percent year-over-year with originations totaling $6.5 billion as of July 31, 2009.

According to J.D. Power and Associates, companies that take care of existing customers – both those in distress and those simply expecting a trouble-free servicing experience – will drive repeat business and gain new business through positive word of mouth and a strong reputation for doing right by the customer.

About J.D. Power and Associates

Headquartered in Westlake Village, Calif., J.D. Power and Associates is a registered global marketing information services company operating in key business sectors including market research, forecasting, consulting, training and customer satisfaction. The firm’s quality and satisfaction measurements are based on responses from millions of consumers annually. More information is available at http://www.jdpower.com/.

About Regions Financial Corporation

Regions Financial Corporation, with $143 billion in assets, is a member of the S&P 100 Index and one of the nation's largest full-service providers of consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services. Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates 1,900 banking offices and approximately 2,300 ATMs. Its investment and securities brokerage trust and asset management division, Morgan Keegan & Company Inc., provides services from over 300 offices. Additional information about Regions and its full line of products and services can be found at www.regions.com.