The Best Mortgage Lenders 2018 rankings are based on online submissions and are a trade publication produced by Scotsman Guide Media, a leading resource for the mortgage industry. The list is based on the number of loans closed during calendar year 2017. To be considered, lenders must have closed at least 100 home loans during the year or complete an audit process. Below are the top mortgage lenders ranked by customer satisfaction. To see which lender made our list, read our full rankings article.
Wells Fargo was the best mortgage lender in 2018
Wells Fargo is a huge retail bank and mortgage lender in the U.S., with 7,800 locations nationwide. Although it is notorious for its bad track record and aggressive sales tactics, it has done a decent job of improving its customer service and offering competitive mortgage rates. Wells Fargo offers a wide variety of home loans, including refinancing options, as well as rate and term refinancing.
In 2016, Wells Fargo ranked first in origination volume, followed by Quicken Loans, which ranked second. But while both banks have had scandals in recent years, they remain the best mortgage lender. In addition to this, Wells Fargo has been ordered to cease growth as a result of numerous consumer abuses and compliance breakdowns. While these scandals will no doubt continue to haunt the bank for years to come, it is a testament to its commitment to providing a top-notch mortgage experience.
The high-quality service and competitive rates are part of what makes Wells Fargo the best mortgage lender in the United States. The company also offers a number of low-down-payment mortgage options. These mortgage programs typically require a low-down payment of 3%, which can be from your own bank account or down payment assistance. Lastly, the bank offers closing cost credits to reduce closing costs for home buyers.
Despite this reputation, the company is still considered the best mortgage lender in 2018. While the number of complaints made about the company’s customer service is incredibly high, a recent scandal involved Wells Fargo’s aggressive sales practices. Employees were forced to create fake accounts for existing customers to meet sales goals. They then transferred money to these fake accounts. The company was fined $1 billion by the Consumer Financial Protection Bureau for this mistreatment.
Despite its low-quality reviews, the website of Wells Fargo is easy to navigate and allows borrowers to save their applications online. This fully-digital application process makes the process faster and more convenient. A unique “compare mortgage loans” calculator lets borrowers see how much they can save by completing an online application. In addition to the competitive rates, Wells Fargo offers flexible payment plans and an extensive customer service department.
Guaranteed Rate was the second-best
The number of loan officers named to the Scotsman Guide’s annual “Top Originators” list has more than tripled over the last five years, to 544. This includes loan officers from Guaranteed Rate, Inc., Guaranteed Rate Affinity, LLC, and Stearns Holdings, LLC. The company’s loan officers are ranked by volume and have been in the mortgage industry for over a decade. Among these loan officers, Shant Banosian is the top loan officer in Massachusetts, funding over $1.7 billion in volume in 2018 and projected to close over 3,500 loans in 2020.
The A-rated Guaranteed Rate mortgage rates were in line with other major lenders, but were not cheaper or more expensive than competitors. Its average mortgage rate was 3.67% lower than the average rate, and it received four-star reviews from over 10,000 customers. In the same vein, the company claims to be a technology leader in the mortgage industry, offering speed, convenience, and flexibility. However, it is best to shop around for a mortgage rate.
Founded in 2000, Guaranteed Rate is a Chicago-based retail mortgage lender. Their commitment to customer service has earned it a place on our list of the Best Mortgage Lenders of 2018. The company offers a variety of home loans, including conventional, FHA, VA, and jumbo loans. However, it is known for its slick website, which makes the application process fast and secure.
The Guaranteed Rate Company is one of the largest retail mortgage lenders in the country. Based in Chicago, the Guaranteed Rate Company employs more than 7,500 people in over 400 offices throughout the U.S. The company has served over a million homeowners since 2000 and has projected loan volumes of $116 billion by 2021. Through its innovative technology, Guaranteed Rate has become a leader in the industry. They provide competitive rates, great customer service, and unmatched customer support.
PNC Bank was the third-best
According to J.D. Power’s 2020 primary mortgage origination satisfaction study, PNC ranks ninth. While it was up two spots from last year, it’s still largely in the middle of the pack. Still, it has average customer reviews. And although the company doesn’t offer any mortgage apps, borrowers can access some mortgage functions through its general banking app. The bank’s mortgage fees average three to five percent of the loan value.
PNC was founded in 1852 as the Pittsburgh National Bank. Today, the bank has branch offices in more than 25 states, making it one of the largest mortgage lenders in the U.S., and its preapproval online can be obtained almost instantly. PNC’s mortgage specials vary based on the borrower’s credit score, location, and lock-in date. The bank’s headquarters remain in Pittsburgh, where it has its headquarters.
The credit score required for a conventional loan from PNC is 620 or higher. For government-backed loans, however, you must have a credit score in the upper six and seven-digit range. But PNC offers special mortgages that require no private mortgage insurance. If your credit score is below 620, you may be able to get a loan with a PNC mortgage.
When it comes to fees, PNC doesn’t offer a way to estimate closing costs without applying. It estimates closing costs at three to five percent of the loan amount, but doesn’t narrow the cost any further. On the other hand, the bank has a tool on its website that can help you estimate your closing costs, but these fees depend on the type of loan and the area where you live.
Navy Federal was the fourth-best
When it comes to mortgage lenders for military families, Navy Federal stands out. The loan officers at this company have experience in working with military families, and they are trained to navigate the mortgage process without disrupting a deployment. In addition, Navy Federal’s loan officers are trained to comply with strict VA loan requirements. That’s why Navy Federal was rated as one of the top 10 mortgage lenders for veterans in 2018.
Whether you’re looking to refinance your existing loan, or are looking to purchase a new home, there are several things to consider when choosing a mortgage lender. Whether you’re purchasing your first home or refinancing your current one, a Navy Federal mortgage could be the right choice for you. The bank’s online system allows you to lock in a rate, check its status, and make payments online.
As the largest credit union in the US, Navy Federal serves members of all generations. As such, it serves families, including grandparents, parents, siblings, co-habitants, and children. Moreover, its CUSO provides financial planning, insurance, and investments. Overall, it is a great place to start when searching for a mortgage lender. These features and advantages make Navy Federal an excellent choice.
Wells Fargo was the second-best mortgage lender in 2018. The bank closed 242,000 loans, or 6.5% of all home mortgages in the US. United Shore, meanwhile, was third. Its large correspondent lending business and solid mix of new business helped it to climb into the top three. Chase was the fourth-best mortgage lender in 2018; it originated 168,000 home mortgages last year, accounting for 40% of total loan volume.