These mortgage lenders got good reviews in 2024

A challenging market is making it difficult for mortgage lenders to satisfy customers, but some companies scored much higher than others in 2024. Image (c) ConsumerAffairs

Mortgage lenders aren't ranking very well compared to other industries

Mortgage lenders have work 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 stations and hospitals, according to the American Customer Satisifaction Index's first ranking of mortgage lenders.

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.

Why are mortgage lenders not getting great reviews?

Mortgage originations peaked at $4.51 trillion in 2021 and dropped 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.