First National, MCAP
TOP ALTERNATIVE LENDERS
(Tie) HomeEquity Bank, Haventree Bank
(Tie) Equitable Bank, BlueShore Pacifica
(Three-way tie) Home Trust, Magenta
There’s no slowing down the impact of tech-nology on the mortgage industry, but right now, brokers are not happy with lenders’ performance in this area. Although lenders’ average score in this category increased from 2019, it’s still not back up to the high of 4.01 reached in 2018 – and once again, it was the lowest-scoring category in the survey.
Brokers made it clear that they prefer to partner with lenders that have invested in efficient, intuitive tech solutions to satisfy clients’ expectations that their mortgage application process will be smooth, easy and transparent. When asked about their best experiences with lenders over the past 12 months, no brokers mentioned technology – but plenty brought it up when describing the biggest challenge they’ve had with a lender’s service in the past year.
The same A lenders made the top three this year as in 2018 and 2019: RMG again took gold, while First National rose from bronze to share silver with last year’s silver medallist, MCAP. MERIX/Lendwise also joined the podium for 2020, earning bronze. Among the alternative lenders, Magenta fell from its 2019 gold to bronze, tying with Home Trust, which dropped from last year’s silver; Equitable Bank rose from bronze in 2019 to share silver with BlueShore Pacifica. HomeEquity Bank and Haventree Bank, both of which missed the podium last year, tied for gold.