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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 58 December 2024 J O U R N A L in customer satisfaction are digital (-8 points); communication (-5); and loan offering met my needs (-5). J.D. Power found that when local brand representatives are directly involved in the mortgage origination process, overall satisfaction rises 40 points. • Having a lender as an advisor becomes key to navigating a tough market: Lenders that actively advise clients throughout the lending process have driven significantly higher customer satisfaction scores. The satisfaction score for trust among borrowers who strongly rely on the lender's expertise to get through the borrowing process is 133 points higher than among those borrowers who do not strongly rely on the lender's expertise. • Timing is everything and earlier is better: Overall satisfaction is 41 points higher when lenders engage early with customers, connecting with them when they are first thinking about purchasing a home, compared with overall satisfaction when lenders get involved once customers are actively shopping. Satisfaction is 107 points lower when lenders get involved at the time customers are getting ready to apply for a mortgage. • According to J.D. Power, Fair- fax, Virginia-based full-service mortgage banker Prosperity Home Mortgage ranked highest in mort- gage origination satisfaction, with an overall score of 772. A subsidiary of HomeServices of America, a Berkshire Hathaway Affiliate, Pros- perity Home Mortgage, featuring a team of more than 500 mortgage consultants, operates in 49 jurisdic- tions, and, in 2023, funded nearly $7 billion in production. Landing in the number two spot on J.D. Power's list of U.S. Mortgage Orig- ination Satisfaction Study was Indian Land, South Carolina-based Movement Mortgage. Founded in 2008, Movement Mortgage currently features more than 775 licensed offices in 49 states, staffed by more than 4,500 employees nationwide. Movement Mortgage totaled a customer satisfaction score of 761 on the list. Bank of America, with a customer satisfaction score of 760, ranked third on the list. Bank of America serves approximately 69 million consumer and small business clients with approx- imately 3,700 retail financial centers, and approximately 15,000 ATMs (automated teller machines), and offers digital banking solutions for approxi- mately 58 million verified digital users. Citi ranked fourth on the list, with a customer satisfaction score of 759. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions, and individuals with a broad range of financial products and services. Scoring fifth on J.D. Power's list was AmeriSave Mortgage, with a score of 758. With a total loan volume of $130 billion, AmeriSave has been in existence for more than two decades, having helped more than 773,600 borrowers realize the dream of home- ownership through the refinance and purchase processes in 49 states. With a customer satisfaction score of 747, Rocket Mortgage ranked sixth on J.D. Power's satisfaction list. Founded in 1985, Rocket Companies is a De- troit-based fintech platform company consisting of personal finance and consumer technology brands includ- ing Rocket Mortgage, Rocket Homes, Amrock Title and Settlement Services, Rocket Money, and Rocket Loans. Coming in at seventh, Madi- son, Wisconsin- and Carrollton, Texas-based Fairway Independent Mortgage Corporation scored 746 on the survey. A full-service mortgage lender licensed in all 50 states, Fairway is the number two overall retail lender in the United States and was ranked the number one mortgage origination company for borrower satisfaction in 2023 by J.D. Power. Chase ranked eighth on the custom- er satisfaction list. With a score of 745, Chase is the U.S. consumer and com- mercial banking business of JPMorgan Chase & Company, a financial services firm based in the Unuted States with assets of $4.2 trillion and operations worldwide. Chase serves 84 million consumers and 6.9 million small busi- nesses, with a broad range of financial services, including personal banking, credit cards, mortgages, auto financ- ing, investment advice, small business loans, and payment processing. Coming in ninth, Pittsburgh-based PNC scored 738 on the survey. PNC Bank is a member of The PNC Finan- cial Services Group, including a full range of lending products; specialized services for corporations and govern- ment entities, including corporate banking, real estate finance and as- set-based lending; wealth management and asset management. Rounding out the top 10, Wells Fargo landed a score of 731 according to J.D. Power. Wells Fargo has ap- proximately $1.9 trillion in assets, and provides a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through its four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. "Consistently, we're seeing that lenders that play an active advisory role in helping their clients navigate the current market are earning significantly higher customer satisfaction, loyalty, and advocacy scores than those that are treating mortgage lending as a transactional process." —Bruce Gehrke, Senior Director of Wealth and Lending Intelligence, J.D. Power