Mortgage lenders aren't ranking very well compared to other industries
Mortgage lenders havework to do when it comes to their customer reviews.
Mortgage lenders are averaging a customer satisfaction score of 75 out of 100, which puts them on the lower end of industires and tied with energy utilities, gas stationsand hospitals, according to the American Customer Satisifaction Index's first ranking ofmortgage lenders.
Mortgage originations peaked at $4.51 trillionin 2021 anddropped to $1.5 trillion in 2023 after rates went up.
Even with mortgage rates declining after the Fed slashed rates, many prospective homebuyers are waiting on better deals before they decide to go with a lender.
"In this challenging environment, mortgage lenders overall are finding it difficult to maintain high levels of customer satisfaction," ACSI said.
Still, some lenders got much better reviews.
Lenders with fewer complaints tended to have higher reviews and more satisfied customers: There was a 12-point gap in satisfaction between customers who reported registering a complaint (66) versus those that didn't (78).
Rocket Mortgage had the top score at 80, followed by Chase with 78, while PennyMac had the lowest score of 70, followed by Freedom Mortgage with 72.
Photo Credit: Consumer Affairs News Department Images
Posted: 2024-10-15 14:07:04
