On the hunt for a home loan? Rocket Mortgage is surely on your radar, and if you\u2019ve done some shopping you may have heard of Cornerstone Home Lending as well. With all of the lenders out there,\u00a0 who\u2019s really giving you the best bang for your buck? Rocket Mortgage, the flashy private lender, and Cornerstone, the stalwart bank, have their own strengths and weaknesses. <\/p>\n\n\n\n
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Cornerstone Home Lending: <\/strong>Cornerstone’s got some serious variety when it comes to loan options\u2014they do a solid job balancing conventional, FHA, and VA loans, giving borrowers more flexibility than most lenders. But they\u2019ve had a couple of rough patches recently, with two data breaches in 2023 exposing sensitive info like Social Security numbers and bank accounts. They’ve also faced regulatory scrutiny, including a HUD settlement over a discrimination complaint and some issues with loan underwriting. They\u2019ve got range, but keep an eye on their track record before diving in.<\/p>\n\n\n\n <\/p>\n\n\n\n Rocket Mortgage: <\/strong>Rocket Mortgage, formerly Quicken Loans, is a giant digital lender.<\/p>\n\n\n\n We\u2019re certainly curious why Rocket\u2019s refinanced loans accounted for a quarter of their volume\u2014112,710 loans\u2014during a time when rates <\/a>were among the highest in the last decade. It makes one wonder about the factors that led so many borrowers to refinance <\/a>under those conditions.<\/p>\n\n\n\n <\/p>\n\n\n\n Tomo Mortgage: <\/strong> Launched in 2020, Tomo Mortgage is here to shake up the industry. We offer killer rates, zero lender fees, and a process that\u2019s all about making home buying easy and stress-free. Our customer reviews? 4+ starts on every review platform: Consumer Affairs<\/a>, Google<\/a>, Bankrate<\/a>, Zillow<\/a>, etc. We\u2019re not just a breath of fresh air\u2014we\u2019re a whole new way of doing things.<\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\nThe breakdown<\/h3>\n\n\n\n
<\/td> Cornerstone Home Lending<\/strong><\/td> Rocket Mortgage (formerly Quicken Loans)<\/strong><\/td> Tomo Mortgage<\/strong><\/td><\/tr> Founded<\/td> 1988<\/td> 1985<\/td> 2020<\/td><\/tr> On-time Close Rate<\/td> Not Reported <\/td> Not reported<\/td> 98%<\/td><\/tr> Lender Fees<\/td> Not mentioned on Business Insider Mortgage Reviews<\/td> $4,700 per loan*<\/td> $0<\/td><\/tr> Customer Reviews<\/td> Not mentioned on Consumer Affairs, <\/td> 4.1 stars<\/a> on Consumer Affairs<\/td> 5.0 stars<\/a> on Consumer Affairs<\/td><\/tr> Employee reviews<\/td> 4.3 stars<\/a><\/td> 3.5 stars<\/a><\/td> 4.1 stars<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n