Quicken Loans

Quicken Loans Ranks Highest Nationwide in Mortgage Origination Customer Satisfaction

- Leads Industry Rankings for a Third Consecutive Year
- 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
Other companies included in the study are (in alphabetical order) Bank of America; CitiMortgage/Citibank; Fifth Third Mortgage; Flagstar Bank; GMAC Mortgage; PHH Mortgage; PNC Mortgage; Provident Funding Associates; and Wells Fargo Home Mortgage.
Source: J.D. Power and Associates 2012 U.S. Primary Mortgage Origination Satisfaction StudySM

Application/Approval Process

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"): 

 
     
  • Providing follow-up contact after application submission (95%)
    •  
  • Proactively providing status updates (90%)
    •  
  • Providing information regarding billing and/or servicing of the loan (89%)
    •  
  • Providing loan status via customer's preferred method (77%)
    •  
  • Providing application approval in 14 days or less (62%)

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).

       

Quicken Loans:
"Highest in Customer Satisfaction for Primary Mortgage Origination" in the United States, Three Years in a Row



                   
"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)"       
             


       
                                                                                                                                                                                                                                                                                                                

Power Circle Ratings™ are a consumer-friendly online rating system from J.D. Power and Associates based on the company's syndicated, industry-wide research studies. The ratings are based on feedback from owners who have purchased or used the products or services being rated. Click "More Ratings" below to see how Quicken Loans compares to other brands in the study.



Overall Satisfaction: This score is based on how customers rate their current home mortgage originating lender overall.
Application/ Approval Process: This score is based on how customers rate the variety of loan options to choose from, competitiveness of interest rates offered, ease of completing loan application, length of time from loan application to final approval, reasonableness of the amount of supporting documentation required, and reasonableness of all fees paid at application.
Loan Representative: This score is based on how customers rate the knowledge and courtesy of the loan representative, the loan representative's concern for their needs, responsiveness to questions, and clarity of explanation of loan options.
Closing: This score is based on how customers rate the ease of understanding closing documents, convenience of closing, length of time from final loan approval to closing, and reasonableness of closing costs.
Contact: This score is based on how customers rate their mortgage provider's ability to answer questions or resolve problems.
Quicken Loans
More Ratings
Power Circle Ratings Legend
Please note that J.D. Power Consumer Center Ratings may not include all information used to determine J.D. Power and Associates awards.