Mortgage lenders are receiving an average customer satisfaction score of 75 out of 100, placing them alongside industries like energy utilities, gas stations, and hospitals, according to the American Customer Satisfaction Index (ACSI).
Lenders with fewer complaints tend to have higher customer satisfaction scores, with a 12-point difference between customers who reported complaints (66) and those who did not (78).
Rocket Mortgage leads the ACSI rankings with a score of 80, followed by Chase at 78, while PennyMac and Freedom Mortgage received scores of 70 and 72, respectively.
Mortgage originations hit a peak of $4.51 trillion in 2021 but dropped to $1.5 trillion in 2023 due to rising rates, leading many potential homebuyers to wait for better deals before committing to a lender.
Despite rate decreases following Federal Reserve actions, prospective homebuyers are holding out for more favorable terms, impacting lenders’ ability to maintain high levels of customer satisfaction.
For more details, visit the American Customer Satisfaction Index (ACSI) website here.
