Quicken Loans, the nation’s second-largest retail mortgage lender and leading innovator in the financial tech space, has been ranked the top mortgage servicer in the U.S. for the fourth straight year by J.D. Power. The company has won the award each year in which it’s been eligible.
In addition to the four mortgage servicing awards, Quicken Loans has also been the highest ranked in customer service in J.D. Power’s survey of primary mortgage originators each of the last seven years. This makes Quicken Loans the highest-rated originator among more than 50,000 mortgage lenders across the nation.
In the history of the J.D. Power studies, no mortgage lender has finished first among their competition a total of 11 times in a seven-year period.
Quicken Loans Founder and Chairman Dan Gilbert said he thinks our process helps set us apart and provide superior client service.
“The Quicken Loans brain force is tireless in its pursuit of making our mortgage process the standard by which all others are judged,” said Gilbert. “Through innovations like Rocket Mortgage, we continue to define what fintech is and how it can revolutionize the entire mortgage experience. This award is further proof that when you obsess over every detail and treat every client as family, you leave a lasting impact.”
The company received the highest score in every category J.D. Power measured. Companies were judged on the following areas:
- Billing and payment process
- Mortgage fees
- Escrow account administration
- New customer orientation
Along with these findings, the survey found that 95% of Quicken Loans clients who responded have had no problems with the service area of their loan within the last year. The company also ranked 25% higher than the average in the industry for the number of clients who would choose Quicken Loans to finance their next home purchase.
Quicken Loans CEO Jay Farner said that servicing is a key part of providing mortgage clients with the best possible experience.
“The most frequently overlooked part of getting a home loan is the actual servicing of the mortgage; however, that is often the most significant aspect, as it is a relationship that can last as long as 30 years,” said Farner. “We place tremendous emphasis on providing our clients an unmatched experience. From a web-based portal that provides clear, concise information, to experts who are empowered to take action when a problem arises, we are relentless in our mission of constantly exceeding our clients’ expectations.”
Quicken Loans launched the first completely online mortgage experience, Rocket Mortgage, at the end of 2015. In order to continually enhance the services provided to clients, Quicken Loans developed a completely new user interface for its MyQL servicing portal in July 2017. A mobile and desktop application used by clients to make online payments and review loan information, the portal now includes tools to show clients current equity estimates, escrow analysis and more.
As the nation’s seventh-largest mortgage servicer, Quicken Loans has serviced more than 1.5 million mortgages since 2010.
Source: Home Loans