Special Power Report: Quicken Loans
2012 Primary Mortgage Origination Satisfaction Study
Getting a mortgage is typically the largest financial decision most consumers will ever make. Choosing a lender that is able to reduce uncertainty regarding what to expect throughout the process, while also keeping things convenient and efficient, is an important first step.
J.D. Power and Associates research shows that choosing the right lender can have a big impact on customer satisfaction with the loan origination process. According to the J.D. Power and Associates 2012 Primary Mortgage Origination Satisfaction StudySM, there are four key factors that determine overall customer satisfaction with the loan origination process for new-home buyers and those who are refinancing their current home.
They are:
- Application/Approval Process (30% importance weight)
- Loan Representative (27%)
- Closing (26%)
- and Contact (16%)
For a third consecutive year, Quicken Loans ranks highest in overall customer satisfaction among major U.S. mortgage originators in the study. Quicken Loans receives an overall customer satisfaction index score of 817 on a 1,000-point scale. Not only does Quicken Loans outperform the industry average by 56 index points, it also achieves the highest scores in all four study factors.
No matter the industry, J.D. Power research shows a clear link between communication and customer satisfaction. In Application/Approval Process--the single-most influential factor in the 2012 Primary Mortgage Origination Satisfaction Study--Quicken Loans performs particularly well in communicating with customers. For example, the study finds that Quicken Loans representatives more often update customers on the status of their application prior to final approval.
In today's fast-paced, high-tech world, having the ability to perform a variety of everyday tasks electronically--including purchasing or refinancing a home--is a must for many consumers. Quicken Loans performs higher than other lenders in the study in offering numerous electronic options during the application approval process, including the ability to check application status, electronically sign documents, and submit supporting documents all online, all of which save time, speeding up the overall loan application and approval process. This ability to leverage technology helps shorten the time from application to approval.
Quicken Loans not only excels when it comes to communicating with customers and providing electronic options, the lender also provides some of the fastest response and turnaround times in the industry. The 2012 Primary Mortgage Origination Satisfaction Study finds that customers of Quicken Loans are contacted by a loan representative, on average, just 1.5 days after submitting an application, compared with 3.5 days for the industry average. Also, Quicken Loans customers close their loans more than four days faster than the industry average.
For complete rankings and detailed findings of the 2012 Primary Mortgage Origination Satisfaction Study, visit jdpower.com.