Online Mortgage Lender ratings decline.

Written by Posted On Wednesday, 24 January 2018 16:48

Mortgage lender satisfaction is definitely on the decline as consumers are less satisfied with multiple aspects of the loan process. The majority of complaints, according to a J.D. Powers study in 2017, came from a slow purchase process even though a lot of the paperwork is now handled via electronic delivery and signatures. This was supposed to make things quicker and easier but it has slowed things instead due to bad email addresses, spam filters and complexity in using the signature signing software.

The J.D. Powers study was based on responses from over 5800 new loan and refinance customers last year. And even though the trend was dissatisfaction, Quicken Loans was able to receive better ratings. This seems strange because my experience with online lenders is they are difficult to get ahold of and are not familiar with local fees or intricacies. Being in a rural area things such as septic systems and wells were a contributor to the overall slowing of the process as the online Lender was not as familiar with these aspects of rural homes. Definitely a good reason to stick with a local Lender.

According to the study the average purchase process took 36 days, almost a week longer than in 2016. Though online applications rose over 50% during the same period, satisfaction from those applying online fell by 18%. So, online applications are still slower than meeting a Loan Officer in person.

If you have any questions, looking to buy or sell or know someone who wants to buy or sell please call me. I would love the opportunity to help you with your real estate needs. Call or text me at 530-306-3494, email me at This email address is being protected from spambots. You need JavaScript enabled to view it. or simply visit my website at

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