AnnieMac Mortgage Review: National Brand with Local Service

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AnnieMac Mortgage Review: National Brand with Local Service

AnnieMac is a national brand delivering mortgage services through a network of associated local lenders.

Good for

  • Fewer reported complaints per loan origination than most competitors
  • Flat origination fee of $1,420 better for high loan amounts

Bad for

  • Loan rates slightly above estimates from major banks
  • Service experience depends on individual loan officer
  • Not licensed to lend in every US state

Editor's Rating


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Also known as AnnieMac, the American Neighborhood Mortgage Acceptance Company combines personalized service during the loan process with a nationwide scale that ensures solid support in managing your loan. Although AnnieMac's name is similar to the acronym-based names used by Fannie Mae and Freddie Mac, the company has no connection to either of these government-sponsored entities.

AnnieMac: National Brand, Local Service

Because AnnieMac works through local branches across the U.S., your experience as a customer will be highly dependent on the quality of the loan officer you meet. Overall, we found that consumers that did business with AnnieMac reported fewer complaints per loan than people who relied on major banks for their mortgages. A closer look at the complaints also showed that most of them were aimed at AnnieMac's payment servicing rather than the origination process.

However, AnnieMac's home loan products can cost slightly more than larger competitors like Chase and Bank of America. Based on our review of a sample homeowner's 30 year fixed mortgage, interest rates were anywhere from 12 to 25 basis points higher, and origination fees were almost twice as expensive as the lowest estimate. Even if you're considering AnnieMac thanks to a personal recommendation, it's probably a good idea to get a Loan Estimate from at least one other lender to make sure you aren't paying more than you need to.

How Do AnnieMac Mortgages Compare?

Although mortgage rates change on a daily basis, we ran a quick check of estimates from AnnieMac and its largest competitors to get an idea of how the lenders match up. For each quote, we used a purchase price of $198,000 and a down payment of 10%, with a credit score of 740. In the case of AnnieMac, the loan officer we spoke with provided quotes on a rate lock of 45 days.

30-Year Fixed Rate Mortgage Estimates at Major Banks

AnnieMacChaseBank of AmericaWells Fargo
Interest Rate4.00%3.88%3.75%4.00%
Monthly P+I$851$838$825$851
Origination Fee$1,420$595$1,185$995

AnnieMac's quoted rate for a 30-year fixed mortgage was perfectly in line with the average for other lenders. We weren't able to obtain an exact mortgage APR from AnnieMac over the phone, since that figure also depended on closing cost information that only a formal Loan Estimate would provide. While all three major banks offer an APR estimate through their online mortgage tool, their fees and rates carried certain best-case assumptions about the borrower that make it difficult to identify the most affordable mortgage provider.

For AnnieMac, the local office we called quoted us a flat origination fee of $1,420 regardless of loan type or amount. While this may vary depending on the specific mortgage provider you find through AnnieMac, it's notably higher than the processing fees at any of the three major banks. Nevertheless, the company's single flat fee compares well to the complex web of origination charges preferred by some mortgage lenders.

Customer Service and Mortgage Servicing

In the past four years, AnnieMac has seen a very low rate of complaints relative to its volume of mortgages. While this is a positive sign, the company was not large enough to be included in JD Power's survey of consumer satisfaction in mortgage originations and servicing.

Mortgage-Related Complaints at Major Banks, 2013-2017

CompanyMortgage OriginationsCFPB ComplaintsRatio2017 JD Power Rating
AnnieMac27,755240.09%not surveyed
Wells Fargo2,289,29325,1821.10%768
Bank of America1,233,09828,1872.29%741

AnnieMac's low complaint ratio implies that most of its applicants come away satisfied with their experiences. But like almost any other mortgage lender, the complaints that were registered against the company mostly had to do with loan servicing issues, such as mishandling of payments or poor communication about account balances. These complaints aren't unusual, but you should be aware that if you happen to run into any problems with AnnieMac, they will likely pop up later rather than sooner in your mortgage process.

Mortgage Loan Products at AnnieMac

The loan products at AnnieMac cover the full range of popular mortgage types, from conventional loans to FHA, VA and jumbo loans. While the availability of certain products may be different depending on the loan officer and local branch that you work with, it's safe to say that AnnieMac should have something that will fit your purposes —with the exception of cash-out refinancing.

Available Mortgage Products at AnnieMac

Mortgage TypePurposeNotes
Conventional LoansPurchase, Refinance$424,100 loan limit
Jumbo LoansPurchase, Refinancehigher rates for bigger properties
FHA LoansPurchase, Refinancelow down payment and mandatory insurance premiums
203K LoansConstructionFHA-backed construction and renovation loan
Reverse MortgagesEquity Releasecash-out option for ages 62 and up

Whatever mortgage product you choose, don't expect to find a huge advantage in rates or fees with AnnieMac or any other mortgage lender. So long as the company provides the term and down payment that fit your requirements, you'll largely find that your costs depend on the time and place rather than on your choice of lender. Instead, you should evaluate AnnieMac on the basis of its customer service and flexibility in meeting your needs as an individual borrower.

Where Can You Get a Mortgage With AnnieMac?

AnnieMac is licensed to originate and service mortgages in 29 US states and the District of Columbia. Its branch offices tend to be clustered in the East Coast, but borrowers can also work with loan officers at locations in California, Nevada and Arizona.

States Where AnnieMac Offers Mortgages

  • Arizona
  • California
  • Colorado
  • Connecticut
  • Delaware
  • D.C.
  • Florida
  • Georgia
  • Hawaii
  • Indiana
  • Maine
  • Maryland
  • Massachusetts
  • Minnesota
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • Ohio
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Texas
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin

Comments and Questions

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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