Quicken Loans

Quicken Loans Ranks Highest Nationwide in Mortgage Origination Customer Satisfaction

- Leads Industry Rankings for a Fourth Consecutive Year
- 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
Other companies included in the study are (in alphabetical order) Bank of America; CitiMortgage/Citibank; Fifth Third Mortgage; Flagstar Bank; PHH Mortgage; Provident Funding Associates; SunTrust Mortgage; 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 (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:

  • Provided follow-up contact after application submission (91% responding "yes")
  • Proactively provided status updates (88%)
  • Provided and met a time frame for application approval (79%)
  • Provided loan status via customer's preferred method (79%)
  • Provided final approval of application within 4 weeks (70%)

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.

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



"The time from application to approval averages 21.0 days for Quicken Loans customers, which is nearly 7 days shorter than the industry average of 27.4 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
Power Circle Ratings Legend
Please note that J.D. Power Consumer Center Ratings may not include all information used to determine J.D. Power awards.