Quicken Loans

Closing

According to the study, the Quicken Loans closing process is convenient and short, which is reflected in the lender's high score in the Closing factor. Quicken Loans receives the highest ratings in all four attributes in this factor:

  • Convenience of closing (8.96 points on a 10-point scale)
  • Ease of understanding closing documents (8.48)
  • Length of time from final loan approval to closing (8.09)
  • Reasonableness of closing costs (8.11)

On average, Quicken Loans customers close their loan 22.0 days from approval-more than 2 days sooner than the industry average of 24.2 days. Moreover, customers indicate that the process is clearly explained and convenient (e.g., date, time, location). A majority (81%) of Quicken Loans customers close their loan on their desired date, which is a KPI.

Quicken Loans outperforms all ranked lenders in two of the three KPIs in the Closing factor:

  • Closing agents explained all of the closing documents (92%, which is an 8% improvement from 2012)
  • Did not have to provide the same information more than once during loan closing process (81%, which is a 7% improvement)

Among customers whose closing agent spoke with them about closing documents, 86% say they "completely understood" the explanation. Further, 75% of customers indicate that they were able to sign their closing documents at home.

Loan Representative

Quicken Loans ranks highest in the Loan Representative factor with a score of 860, which is 12 points higher than in 2012 and 56 points above industry average.

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 at each step of the origination process, with 94% saying they received a checklist or other documentation that explained the entire process, compared with 87% for the industry average.

"Quicken Loans has the highest frequency of providing a time frame and meeting it for application approval (79% of the time), compared with all other rank-eligible lenders."

Quicken Loans leads the industry in the KPIs that directly relate to loan representatives:

  • Throughout the application process, loan representative always called back when promised (92%)
  • Loan representative clearly explained the loan options so that they were completely understood (87%)

Quicken Loans has the highest frequency of providing a time frame and meeting it for application approval (79% of the time), compared with all other rank-eligible lenders. 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, customers of Quicken Loans also experience the shortest wait time between application submission and being contacted by a loan representative, compared with other rank-eligible lenders included in the study. On average, Quicken Loans customers are contacted by a loan representative 1.3 days after submitting an application, compared with 3.2 days for the industry average.

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About the Study

The 2013 U.S. Primary Mortgage Origination Satisfaction Study is based on responses from 3,267 customers who originated a new mortgage or refinanced within the past 12 months. The study was fielded between July 30 and August 30, 2013.