Consumers are becoming less happy with their mortgage lenders, according to the JD Power 2024 U.S. Mortgage Origination Satisfaction Study.
Overall customer satisfaction with mortgage lenders was rated at a 727 level on a 1,000-point scale, down three points from one year earlier when mortgage customer satisfaction surged 14 points year-over-year. The factors showing the biggest year-over-year declines in customer satisfaction are digital (-8 points), communication (-5) and loans offering consumer needs (-5); the only factor that registered an uptick involved the people in the process, and that created a scant 1-point rise. But when local brand representatives were directly involved in the mortgage origination process, overall satisfaction rose 40 points.
“The variability in rates and higher costs for buyers increases the importance of understanding consumers’ individual situations,” said Bruce Gehrke, senior director of wealth and lending intelligence at JD Power. “Consistently, we’re seeing that lenders that play an active advisory role in helping their clients navigate the current market are earning significantly higher customer satisfaction, loyalty and advocacy scores than those that are treating mortgage lending as a transactional process.”
Among the major lenders, Prosperity Home Mortgage ranked highest in mortgage origination satisfaction, with a score of 772. Movement Mortgage (761) ranks second and Bank of America (760) ranks third. However, Veterans United and Navy Federal Credit Union scored 793 and 748, respectively, but were not included in the final tally because they did not meet the company’s study award criteria.
;
