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 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)
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.
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).
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.
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).
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.
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
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)
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.
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.
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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