The meaning of mortgage lender rankings varies by reviewer; for instance, J.D. Power grades mortgage originators by customer satisfaction, states its website. To generate the ratings, the firm considers factors such as problem resolution and the nature of loan offerings. AdvisoryHQ ranks mortgage lenders by attributes that include size, transparency, quality of service and products and fee structure, according to its website.Continue Reading
Ranked by the total value of mortgage loans originated, JPMorgan Chase was the largest mortgage lender in the United States in 2015, informs AdvisoryHQ. Reviewers also gave the bank high scores in areas such as range of products and intuitiveness of its loan application processes. The largest online mortgage lender of 2015 was Quicken Loans. The bank, which advanced mortgages with an aggregate value exceeding $85 billion in 2015, aims to close the majority of loans within 30 days.
J.D. Power's 2015 mortgage customer satisfaction rankings placed Quicken Loans first, Fifth Third Mortgage second and Bank of America third, notes its website. To arrive at its rankings, the firm interviewed almost 5,000 mortgage customers who had originated mortgages or refinanced in the preceding 12 months. While customers generally reported increased satisfaction with their lenders compared to 2014, the survey noted a particularly sharp rise in client perceptions of the speed of the mortgage application and approval process. The survey also found out that, while the TILA RESPA Integrated Disclosure regulation may lengthen the mortgage processing timeline, regular communication through the period mitigates dissatisfaction.Learn more about Credit & Lending