J.D. Power Special Power Report: Quicken Loans

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From Origination to Servicing, Quicken Loans Excels in Key Facets of the Primary Mortgage Customer Experience

Quicken Loans Primary Mortgage Origination 5 Years
 

Quicken Loans Ranks Highest Nationwide in Mortgage Origination Satisfaction for a Fifth Consecutive Year

According to the J.D. Power 2014 U.S. Primary Mortgage Origination Satisfaction Study,SM Quicken Loans ranks highest in overall customer satisfaction for a fifth consecutive year with a score of 835 (on a 1,000-point scale), outperforming the industry average by 49 index points. Additionally, Quicken Loans achieves the highest score in five study factors, exceeding industry average in each: Loan Closing (+60 points); Onboarding (+49); Application/Approval Process (+45); Loan Offerings (+44); and Interaction (+41).


2014 MORTGAGE ORIGINATION CUSTOMER SATISFACTION INDEX RANKING

(Based on a 1,000-point scale)

2014 U.S. Primary Mortgage Origination Rank Chart

Other companies included in the study (in alphabetical order): CitiMortgage/Citibank, Fifth Third Mortgage, Flagstar Bank, Nationstar Mortgage, PNC Mortgage, SunTrust Mortgage, and Wells Fargo Home Mortgage.

Source: J.D. Power 2014 U.S. Primary Mortgage Origination Satisfaction StudySM


Furthermore, Quicken Loans outperforms all ranked lenders in eight of the study’s 11 Key Performance Indicators (KPIs). KPIs are diagnostic measures that have the most significant impact on customer satisfaction.

Application/Approval Process

Quicken Loans achieves the highest score in the Application/Approval Process factor (788). The lender performs particularly well in communicating with customers, outperforming all ranked
lenders in four of the five KPIs in Application/Approval Process:

  • Representative reviewed options for submitting the application (91% responding “yes”)
  • Representative offered options on how to receive application updates (86%)
  • Lender provided and met a time frame for application approval (79%, in a tie)
  • Loan representative completely explained the entire process (from application to closing) (75%)


Customers of Quicken Loans are much more likely to submit their loan application online, compared with industry average (48% vs. 18%, respectively), and are more likely to be contacted sooner post-submission (1.4 days vs. 3.6, respectively).

Loan Closing

According to the study, the Quicken Loans closing process is convenient and short, which is reflected in the lender’s score of 850 in the Loan Closing factor—the second-highest weighted factor in the study—60 points higher than industry average. On average, Quicken Loans customers close their loan 17.6 days from approval—more than 2 days sooner than the industry average of 20.2 days.

Interaction

The ongoing interaction between customers and their loan representatives, phone service representatives, and use of online tools collectively has the greatest impact on loan origination satisfaction. Quicken Loans achieves the highest score in Interaction (858), which is substantially above industry average (817).

Loan Offerings

The study shows that this is another area where Quicken Loans excels by achieving the highest score in the Loan Offerings factor (817). Quicken Loans’ representatives are most likely to completely explain the types of loans, loan terms, special programs, fees, and options to reduce the down payment (59% vs. 52% industry average)—another KPI in the study.

Onboarding

Quicken Loans ranks highest in Onboarding with a score of 866, which is 49 points above industry average.


Quicken Loans Ranks Highest among Primary Mortgage Servicers

2014 U.S. Primary Mortgage Servicer Trophy Graphic



 

The 2014 U.S. Primary Mortgage Servicer Satisfaction Study measures satisfaction in four factors of the mortgage servicing experience: Billing and Payment Process; Escrow Account Administration; Website; and Phone Contact. With an overall satisfaction score of 835, Quicken Loans outperforms the industry average by 81 points and ranks highest in three factors:

  • Billing and Payment Process (830 vs. 758 industry average)
  • Escrow Account Administration (827 vs. 746 industry average)
  • Website (857 vs. 766 industry average)

Quicken Loans outperforms all ranked lenders in seven of the study’s 11 Key Performance Indicators (KPIs).


2014 MORTGAGE SERVICER CUSTOMER SATISFACTION INDEX RANKING

(Based on a 1,000-point scale)

2014 U.S. Primary Mortgage Servicer Rank Chart

Other companies included in the study (in alphabetical order): Bank of America, Capital One, Central Mortgage Company, CitiMortgage/Citibank, Everhome Mortgage, Fifth Third Mortgage, Green Tree Servicing, Nationstar Mortgage, Ocwen Loan Servicing, and PennyMac.

Source: J.D. Power 2014 U.S. Primary Mortgage Servicer Satisfaction StudySM


Billing and Payment Process

Quicken Loans ranks highest in the Billing and Payment Process factor with a score of 830, which is 72 points above industry average.

Happy Quicken Loans customers move into their new house

Escrow Account Administration

Quicken Loans achieves the highest score in the Escrow Account Administration factor with a score of 827, which is 81 points above industry average.

Website

Mortgage borrowers are looking for websites that are easy to navigate and facilitate online payments. Quicken Loans excels in Website satisfaction and offers mobile and website features that customers find useful. Quicken Loans ranks highest in the Website factor with a score of 857, which is 91 points above industry average.

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About the Studies

The 2014 U.S. Primary Mortgage Origination Satisfaction Study is based on responses from 3,893 customers who originated a new mortgage or refinanced within the past 12 months. The study was fielded in July through September 2014. The 2014 U.S. Primary Mortgage Servicer Satisfaction Study is based on responses from 5,120 borrowers. The study was fielded in April and May 2014.