The Quicken Loans closing process is convenient and short, and as a result, the lender achieves the highest ratings (on a 10-point scale) in three attributes:
On average, Quicken Loans customers close their loan 20.7 days from approval-----more than 4 days sooner than the industry average of 24.9 days. Moreover, customers indicate that the process is clearly explained and convenient. A majority (83%) of customers say they "completely" understand their closing documents, and 75% say they had the opportunity to review their documents prior to closing. Further, 73% of customers say they were able to sign their closing documents at home.
Quicken Loans ranks highest in the Loan Representative factor with a score of 848 points. This score is 51 points above industry average and represents an increase of 8 points from the 2011 study.
The study finds that satisfaction is significantly higher among customers who receive a thorough explanation of the entire loan origination process, compared with those who do not receive such an explanation. Quicken Loans customers are well informed about each step of the origination process-----92% say they received a checklist or other documentation that explained the entire process, compared with 85% industry average.
"Quicken Loans has the highest frequency of providing a time frame and meeting it (81% of the time), compared with all other rank-eligible lenders included in the study"
Quicken Loans has the highest frequency of providing a time frame and meeting it (81% of the time), compared with all other rank-eligible lenders included in the study. Customers who are provided a time frame for application approval typically experience a shorter application/approval process, compared with those who are not given a time frame. Additionally, 84% of Quicken Loans customers say that all loan options were clearly explained and that they "completely" understood the options. Quicken Loans customers also experience the shortest wait time following application submission to being contacted by a loan representative. On average, Quicken Loans customers are contacted by a loan representative 1.5 days after submitting an application, compared with 3.5 days for the industry average. .
About the Study
The 2012 U.S. Primary Mortgage Origination Satisfaction Study is based on responses from more than 3,500 customers who originated a new mortgage in the past 12 months. The study was fielded between July 31 and August 27, 2012.