- Scores Highest in All Study Factors
For a fourth consecutive year, Quicken Loans ranks highest in overall customer satisfaction among major U.S. mortgage originators, according to the J.D. Power 2013 U.S. Primary Mortgage Origination Satisfaction Study.SM The study helps mortgage originators improve the customer experience by measuring key factors that determine overall satisfaction. Results of the study also help home buyers and homeowners make more informed decisions when considering a mortgage originator. Study factors include Application/Approval Process, Loan Representative, Closing, and Contact.
Quicken Loans ranks highest in overall satisfaction with a score of 841 (on a 1,000-point scale), outperforming the industry average by 70 index points. Additionally, Quicken Loans achieves the highest score in all study factors, significantly exceeding the industry average in each one: Contact (+88 points); Application/Approval Process (+81); Closing (+76); and Loan Representative (+56). Furthermore, Quicken Loans outperforms all ranked lenders in nine of the 11 Key Performance Indicators (KPIs) in the study. (KPIs are diagnostic measures that have the most significant impact on customer satisfaction.)
2013 Mortgage Origination Study Customer Satisfaction Index
Based on a 1,000-point scale
Quicken Loans achieves the highest score (819) in Application/Approval Process, which is the most heavily weighted factor in the study. The lender performs particularly well in communicating with customers, outperforming all ranked lenders in five KPIs in the Application/Approval Process factor:
Additionally, representatives of Quicken Loans update customers on the status of their application prior to final approval an average of 5.6 times, which is significantly more often than the industry average of 4.4.
Customers of Quicken Loans are much more likely to prefer submitting their loan application online, compared with industry average (83% vs. 51%, respectively); more likely to be contacted sooner post-submission (1.3 days vs. 3.2, respectively); and more likely to receive a telephone call from a live representative (81% vs. 71%, respectively).
Quicken Loans also performs higher than the other lenders included in the study in offering numerous electronic options during the application and approval process, including the ability to check application status online; verify receipt of the application online; sign documents online; and submit supporting documents online. The time from application to approval averages 21.0 days for Quicken Loans, which is nearly 7 days shorter than the industry average of 27.4 days.