Magazine article Mortgage Banking

Quicken Loans Ranks Highest in Customer Satisfaction-Again

Magazine article Mortgage Banking

Quicken Loans Ranks Highest in Customer Satisfaction-Again

Article excerpt

>> For the fourth consecutive year, Detroit-based Quicken Loans earned the top spot in the customer satisfaction rankings published in the J.D. Power 2013 U.S. Primary Mortgage Origination Satisfaction Study. Quicken Loans got a score of 841, while the overall industry average score was 771 (on a scale of 1,000).

J.D. Power also noted that the overall industry average customer satisfaction score has improved for a third consecutive year. The industry's average went from 747 in 2011 up to 761 in 2012, and then moved up further to 771 in 2013.

The company says the study measures customer satisfaction with four key components of the mortgage origination experience: the application/approval process; the loan representative; the loan closing; and the customer contact. The 2013 origination satisfaction study is based on responses from 3,267 customers who originated a new mortgage or refinanced within the past 12 months, the company said. Responses were gathered between July 30 and Aug. 30 of this year.

The latest study found overall customer satisfaction was lower for borrowers obtaining purchase mortgages compared with borrowers who were refinancing their loans. The refinance satisfaction score was 775 versus 765 for borrowers who were getting a mortgage to buy a home. …

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