- Scores Highest in All Four Study Factors
For a third consecutive year, Quicken Loans ranks highest in overall customer satisfaction among major U.S. mortgage originators, according to the J.D. Power and Associates 2012 U.S. Primary Mortgage Origination Satisfaction Study.SM The study helps new home buyers and homeowners make more informed decisions when considering a mortgage originator by measuring the key factors that determine overall satisfaction. These factors include Application/Approval Process; Loan Representative; Closing; and Contact.
Quicken Loans ranks highest in overall satisfaction with a score of 817 (on a 1,000-point scale), performing 56 points above industry average. Not only does Quicken Loans achieve the highest score in each of the four factors, but the lender also receives significantly above-industry-average scores in all factors: Application/Approval Process (+67 points); Contact (+62 points); Closing (+61 points); and Loan Representative (+51 points).
2012 Mortgage Origination Study Customer Satisfaction Index
Based on a 1,000-point scale
Quicken Loans achieves the highest score (790) in the Application/Approval Process, which is the single most important factor in the study. Quicken Loans performs particularly well in communicating with customers, outperforming all ranked lenders in five of the seven Key Performance Indicators (KPIs) in the Application/Approval Process factor. KPIs are diagnostic measures that have the most significant impact on customer satisfaction. Quicken Loans performance on five key KPIs (percent responding "yes"):
Furthermore, Quicken Loans representatives update customers on the status of their application prior to final approval an average of 4.8 times, which is more than the industry average.
Quicken Loans also performs higher than the other lenders in the study by offering numerous electronic options during the application approval process, including the ability to check application status online; verify receipt of the customers application online; electronically sign documents online; and submit supporting documents online. The time from application to approval averages 17.8 days for Quicken Loans customers, which is 8.5 days shorter than the industry average (26.3 days).