For most people, buying a home is one of the (if not the) biggest purchases they’ll make in their lifetime. And because most people don’t have hundreds of thousands of dollars sitting in the bank, they rely on a mortgage—and a mortgage lender—to help them make that purchase.
But do they actually trust those lenders? According to a new survey, the answer is no.
According to the 2019 U.S. Primary Mortgage Servicer Satisfaction Study from JD Power, more than two-thirds of consumers surveyed said they do not have complete trust in their mortgage lender. And not only do they not trust their mortgage lenders, but they’re also dissatisfied with their customer experience—on a 1000 point scale, the overall satisfaction with mortgage services fell at a 777.
But it’s not all bad news! While the overall experience with mortgage lenders was skewed towards the negative, there were a number of standouts that inspired a much higher level of trust and satisfaction with consumers.
Bottom line: before you decide on a mortgage lender, do your research and make sure you find a lender you can trust.