Question:

What are the mortgage lender ratings used for?

Answer:

Consumers don't need mortgage lender ratings to be happy or unhappy with their lender. Borrowers shop a lot before choosing a lender but those with special financing needs approach a mortgage broker for help in locating the right lender and loan for them.

Loans get sold on the secondary market anyways, so it doesn't matter at all which lender you end up with - unless you got the better rates. Mortgage lender ratings depend on the secondary market and are used to keep rates low and direct money flow.

The trend is that smaller lenders get the same customer satisfaction as large lenders. Mortgage lenders rated 10 on a scale of 1 to 10 show very high level of loyalty exhibited by consumers. Almost 95% of borrowers who assigned a 10 to customer satisfaction with a particular lender are going back to the same lender. If customer satisfaction, or mortgage lender rating drops below 10, the low tide is significant.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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