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Power Rankings
By Jeff Walton & Kelly Guest
Table of Contents
J.D. Power’s 2026 Mortgage Servicer Satisfaction Study is out, with Rocket taking the number one spot, followed by Guild and Regions respectively. With all the gobbling up of servicing portfolios, the industry should be aware of the rather large satisfaction gap between originators and servicers: For several years, originators have scored significantly higher than servicers. The 2026 Mortgage Origination Satisfaction Study won’t be published until November, but the 2025 results showed top-ranking Citi with a score of 802, while this year’s servicing winner Rocket came in at 694. Reading Power’s results, one can also glean that there’s a good chance that consumers frequently conflate “lender” and “servicer.” So, will all the servicing acquisitions help or hurt the brands who want to own the consumer relationship for life?
CHATTER
What a Difference 5 Years Make
Benutech Dives into Market Stats: Benutech compared mortgage activity from 2021 to 2025, and here’s what they found:
The mortgage market contracted 50.1%, with volume declining from 16.82M in 2021 to 8.4M in 2025
Traditional refinances fell from 8.34M in 2021 to 1.73M in 2025, a 79.3% drop
Home equity lending grew from 1.28M loans to 1.47M, an increase of 15%
Equity market share more than doubled from 7.6% in 2021 to 17.53%
The highest scorer didn’t win
J.D. Power 2026 Mortgage Servicer Satisfaction Study
It’s fascinating to note that Power published a satisfaction ranking of 762 for Navy Federal Credit Union that outperforms the official winner by 32 points, but separated them from the results because the CU “does not meet study award criteria.” Key findings of the 2026 study:
Higher satisfaction is not a comfort signal: Overall customer satisfaction with mortgage servicers increases 11 points to 607 this year, signaling an opportunity beyond improved customer sentiment. With 86% of borrowers indicating they “probably will” or “definitely will” reuse their current lender, and 86% also saying they have not explored refinancing or borrowing alternatives in the past 90 days, mortgage servicers have an opportunity to strengthen retention and future recapture efforts. However, that loyalty must be earned before the market reopens, making today’s servicing experience a critical driver of future lending relationships.
Financial strain rises: The overall financial health[1] of borrowers is deteriorating, with just 41% currently classified as financially healthy, down from 52% in 2022. Additionally, 16% of borrowers say they have incurred a mortgage late fee in the past 12 months, up from 14% four years ago, and 30% of borrowers believe they are at risk of foreclosure, up from 17% four years ago.
Escrow changes and servicer-imposed fees become new trust battleground: As taxes, insurance costs and escrow payments continue to rise, escrow has become a key component of the customer experience where insurance and tax payment transparency can either build or erode trust. Of the 75% of mortgage servicer customers who have escrow accounts, more than half (58%) say they experienced an escrow payment increase this year. While clarity around payment changes is improving, customers still need better tools and explanations to understand why costs change. In addition, those who receive clear explanations for basic servicing fees are significantly more likely to rate trust as “excellent/perfect” (+35 percentage points) and say they “definitely will” reuse their lender (+33 percentage points).
Poor customer service is the biggest driver of exit risk: The same experience factors that drive reuse also determine why customers switch servicers. Strong self-service capabilities (62%), quality customer service (62%) and easy payment options (61%) are the top drivers of customer loyalty, while poor customer service (43%), high interest rates (33%) and self-service difficulty (20%) are the leading reasons that customers consider switching servicers.
Generations & Percentages: LendingTree Breaks it Down
Number of Gen Z active buyers surpassed Boomers. They’re also creeping up on Gen X. (Click to allow images if graphic is hidden.)
No SS#, no problem
Movement Mortgage Announces Initiatives
Movement launched its “Diverse Lending Support Team (DLST),” a dedicated bilingual support group designed to help loan officers serve Spanish-speaking homebuyers across the country.
The company recently brought its Individual Taxpayer Identification Number (ITIN) mortgage program in-house, offering financing up to 85% loan-to-value (LTV) for qualified borrowers without a Social Security Number.
Increases = More Revenue: Equifax Mortgage Revenue up 25% in Q2
Transaction volume was low, but (FICO’s) price hikes helped out. When FICO was removed, Equifax’s mortgage revenue increase was 7%. VantageScore usage still remains low.
Interesting: CHLA Urges Caution in DC-Decentralization - NMP
In a letter to USDA Deputy Secretary Stephen Vaden, CHLA urged the department to preserve staffing continuity while reorganizing Rural Development operations and moving certain Rural Housing Service functions from the Washington, D.C., area to St. Louis.
USDA publicly described the reorganization in June as a modernization effort designed to centralize loan origination, processing, and servicing while improving consistency. The department said “select” Rural Housing Service positions and functions would move to St. Louis, while state and field employees would remain in place.
MOVING & SHAKING
Union Home Mortgage Acquired the Origination Assets of Ameritrust Mortgage Corp.
The transaction expands UHM's efforts in wholesale and non-qualified mortgage (non-QM) lending, accelerating the company's momentum in third-party origination as the No. 7 wholesale lender in the country.
The MBA announced that Mónica Mancilla Cooke has joined the association as VP of Human Resources.
MARKET/INDUSTRY
What will Warsh do?
Oil gave us a break on Friday, but this week is going to be a big one: Kevin Warsh is on deck for his second Fed meeting as chair. Bill Bodnar illuminates other factors in his latest Master the Markets segment.
Mortgage Rates Average 6.58%: Freddie 7-23-26
Mortgage Applications Increased 1.9% from One Week Earlier: MBA Weekly Survey for the week ending 7-17-26.
“Mortgage rates reached another high point last week, with the 30-year conforming rate now at 6.69%, its highest level since last August. However, purchase volume increased modestly for the week. Growing home inventory in many markets is supporting more purchase activity. Incoming data showed that inflation dropped in June, but with oil prices spiking again, that improvement seems unlikely to continue in July data, and mortgage rates are likely to remain higher as a result.” - Mike Fratantoni, MBA’s SVP and Chief Economist.
New Home Sales Up 1st Time in 3 Mos: HUD/Census Bureau
Sales of new single-family houses in June 2026 were at a seasonally adjusted annual rate of 628,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.
Up MoM, Down YoY: This is 1.6% (±14.8%)* above the May 2026 rate of 618,000, and is 5.6% (±13.2%)* below the June 2025 rate of 665,000.
Down Mom, YoY: The median sales price of new houses sold in June 2026 was $398,300. This is 3.3% (±8.8%)* below the May 2026 price of $412,000, and is 2.7% (±9.5%)* below the June 2025 price of $409,200.
Down MoM, YoY: The average sales price of new houses sold in June 2026 was $475,400. This is 9.5% (±7.2%) below the May 2026 price of $525,200, and is 6.5% (±6.8%)* below the June 2025 price of $508,700.
Senior Equity Surges: National Reverse Mortgage Lenders Asc. Reverse Market Index (NRMLA)
After two quarterly declines, housing wealth among homeowners aged 62 and older rose in Q1 2026 to a record $14.92T, according to the latest quarterly NRMLA/Riskspan Reverse Mortgage Market Index.
The Q1 RMMI was driven by an estimated $314.8 billion (1.8%) increase in senior home values, partially offset by a $10.5 billion (0.4%) increase in senior-held mortgage debt.
The Next Thing to Freak Out About: Capital Gains Lock-In Effect Cotality
Homeownership may no longer be a fluid wealth-building tool? “ They’re house rich but cash poor and may not have the means to pay the price of extracting that profit.” – Cotality Principal Economist Archana Pradhan
Significant home price appreciation (147% over 15 years) has pushed many sellers past the federal capital gains tax exclusion limits ($250k single / $500k married).
This trapped equity is coinciding with reduced market mobility and a rise in property inheritances.
Increasing capital gains taxes could discourage mobility, delay downsizing, or complicate retirement timing.
Worth Watching, Don’t Panic
June 2026 ICE First Look at Mortgage Delinquency
New FHA defaults posted their largest annual decline in more than four years.
Delinquencies rose modestly, remaining below pre-pandemic levels: The national delinquency rate rose 5 basis points (bps) to 3.55% in June, roughly half the typical seasonal rise. The rate remains 60 bps below the June 2019 pre-pandemic benchmark of 4.16%.
Late-stage delinquencies declined to a six-month low: Serious delinquencies (90-plus days past due but not in foreclosure) fell to 570,000, extending the seasonal improvement that began in March.
New default activity declined: New default volumes have stabilized in recent months, and new FHA defaults were down 15% year over year in June, their largest annual decline in more than four years.
Roll rates improved across early delinquency stages: The number of borrowers becoming 30- and 60-days delinquent fell in June on both a monthly and annual basis.
Foreclosure activity continues to slowly trend higher: The share of mortgages in active foreclosure reached 0.53% in June, the highest level in six years, as foreclosure activity continued to normalize. Foreclosure starts hit a six-year high, and foreclosure sales were up 16% from a year ago, though they remained 46% below pre-pandemic levels.