{"id":3480,"date":"2024-08-26T12:34:44","date_gmt":"2024-08-26T17:34:44","guid":{"rendered":"https:\/\/tomo.com\/blog\/?p=3480"},"modified":"2025-04-17T17:18:19","modified_gmt":"2025-04-17T22:18:19","slug":"new-american-funding-vs-rocket-mortgage","status":"publish","type":"post","link":"https:\/\/tomo.com\/blog\/new-american-funding-vs-rocket-mortgage\/","title":{"rendered":"New American Funding vs. Rocket Mortgage"},"content":{"rendered":"\n

When you\u2019re diving into the home loan market, you might encounter New American Funding (legally known as Broker Solutions) and Rocket Mortgage (formerly Quicken Loans). These two private, non-bank mortgage<\/a> lenders are top contenders, but how do they stack up? Let\u2019s break it down.<\/p>\n\n\n\n

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Compare lenders on TrueRate<\/a><\/div>\n<\/div>\n\n\n\n

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Performance face-off<\/h3>\n\n\n\n

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In 2023, Rocket Mortgage was a powerhouse, churning out 289,000 loans worth $76.26 billion. They were the second-largest mortgage lender in the U.S., with a colossal focus on refinancing\u201439% of their loans were for that purpose, even as rates<\/a> soared in 2023. <\/p>\n\n\n\n

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So it begs the question: were their salespeople just tricking people? Or were their rates shockingly high to begin with? We\u2019re a bit stumped\u2026 <\/p>\n\n\n\n

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New American Funding originated 33,000 loans totaling $9.36 billion. They\u2019re smaller but have a strong foothold, especially with a significant chunk of FHA loans\u201434% compared to Rocket\u2019s 22%.<\/p>\n\n\n\n

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Tomo Mortgage, founded in 2020 by two former Zillow execs, we\u2019re the new kid on the block, shaking up the home buying game. We use tech to automate a lot of the home buying process, and because we cut all these costs we are able to charge low rates, zero lending fees, and actually close on time. <\/p>\n\n\n\n

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See today’s rates<\/a><\/div>\n<\/div>\n\n\n\n

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The breakdown<\/h3>\n\n\n\n

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Lender<\/td>New American
Funding<\/td>		Rocket Mortgage<\/td>Tomo Mortgage<\/td><\/tr>
Founded<\/td>2003<\/td>1985<\/td>2020<\/td><\/tr>
Lender Fees<\/td>$4,400 per loan*<\/td>$4,700 per loan*<\/td>$0<\/td><\/tr>
Average Loan Size<\/td>$493,000<\/td>$264,00<\/td>$376,000<\/td><\/tr>
On-Time Close Rate<\/td>Not reported – have a \u201cOn Time Closing Guarantee\u201d<\/td>Not reported<\/td>98%<\/td><\/tr>
Customer Reviews<\/td>4.2 stars<\/a> on Consumer Affairs
4.91 stars<\/a> on Zillow<\/td>		3.8 stars<\/a> on Consumer Affairs <\/td>5.0 stars<\/a> on Consumer Affairs
4.95 stars<\/a> on Zillow<\/td><\/tr>
Employee Reviews <\/td>3.6 stars<\/a> on Glassdoor<\/td>3.5 stars<\/a> on Glassdoor<\/td>4.1 stars<\/a> on Glassdoor <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

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Get a personalized rate quote<\/a><\/div>\n<\/div>\n\n\n\n

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How to judge mortgage lenders<\/h3>\n\n\n\n

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