Skip to main content

Almost One-Quarter of Mortgage Customers Unhappy Over Lender

Nov 10, 2016
Nearly one-quarter of homebuyers regret their choice of lenders, according to the J.D. Power 2016 U.S. Primary Mortgage Origination Satisfaction Study

Nearly one-quarter of homebuyers regret their choice of lenders, according to the J.D. Power 2016 U.S. Primary Mortgage Origination Satisfaction Study.

The J.D. Power study found 21 percent of customers purchasing a home admitting unhappiness over the lender they worked with, while 27 percent of first-time home buyers later rued their choice. From this group, 72 percent said they were pressured to choose a particular mortgage product.

“This ‘happy buyer’s remorse’ is in part due to customers feeling that circumstances out of their control drove them to a particular choice and that options weren’t totally clear,” said Craig Martin, director of the mortgage practice at J.D. Power. “Like a lot of consumers, they are happy with a good deal, but they can feel that they have to jump through hoops to get the deal. In the end, they may not fully understand exactly what they got, and the longer-term risk for lenders is that customers’ perceptions of the deal may change in the future.”

Still, that is not to say that all borrowers are unhappy the report found more customers reporting that loan representative always called back when promised, compared with last year (85 percent versus 81 percent, respectively), and their loan closed on the desired date (81 percent versus 70 percent).

Among the major lenders, Quicken Loans ranked highest in primary mortgage origination satisfaction for a seventh consecutive year, with CitMortgage placing second and Ditech Financial ranking third.

About the author
Published
Nov 10, 2016
STRATMOR, Teraverde Deal A 'Merger Of Equals'

The recent merger of mortgage advisory firms came without the need to lay people off or make any major staffing changes.

May 23, 2024
NEXA Pays Loan Officers 100% Of Commission Splits

LOs won't pay per-file fees or other hidden fees with NEXA100, says NEXA Founder and CEO Mike Kortas.

May 22, 2024
The Right Prescription

‘Doctor Loans’ making healthy strides in Florida

May 21, 2024
123 Newrez Employees Laid Off In Florida and Colorado

WARN Notices were filed the day after Computershare Mortgage Services, SLS acquisition closed.

May 07, 2024
Ishbia Predicts A Rate Cut By Election Day

CEO of United Wholesale Mortgage shares 'personal perspective' in new YouTube video

May 03, 2024
Yield Curve, Schmield Curve?

The yield curve is a harbinger, not the be-all, end-all for lenders.

May 02, 2024