The FinTech leader's J.D. Power recognition is unmatched with 18 total consecutive #1 rankings for client satisfaction, including seven #1 rankings for mortgage servicing
News provided by
Rocket Mortgage
09 Nov, 2020, 07:23 ET
DETROIT, Nov. 9, 2020 /PRNewswire/ --Rocket Mortgage by Quicken Loans, the nation's largest mortgage lender and a subsidiary of Rocket Companies (NYSE: RKT), was today named #1 in the nation for client satisfaction in primary mortgage origination by J.D. Power. This is the record 11thconsecutive year Rocket Mortgage has earned the accolade, which is based entirely on client feedback collected by the independent research firm.
"At Rocket Mortgage, one of our ISMs – the core philosophies which define our culture and guide our decision making – is 'Every Client. Every time. No Exceptions. No Excuses.' J.D. Power's recognition is further confirmation we are consistently meeting our clients' needs and living up to this ISM," said Jay Farner, CEO of Rocket Mortgage. "This accolade comes after we experienced record-breaking loan volume in the first 2 quarters of 2020. Results like this can only be achieved with the combination of world-class technology and the absolute passion and pride of our team members."
In addition to ranking #1 overall, Rocket Mortgage is best-in-class in every category that makes up the total satisfaction score, including:
- Overall Satisfaction
- Application and Approval
- Loan Offering
- Loan Closing
- Communication
Further, according to the J.D. Power study, 92% of clients surveyed stated Rocket Mortgage team members completely explained the application and approval process. Additionally, 94% of Rocket Mortgage clients surveyed said the application-related documents were easy to understand.
Not only are Rocket Mortgage clients pleased with the service they receive, they have made it clear they will return to the lender the next time they need a mortgage. The study showed that 80% of the clients surveyed said they will "definitely" consider Rocket Mortgage for their next home purchase. This is compared to an industry average of 71% of clients saying they will definitely consider their originating lender for their next home purchase.
In July, Rocket Mortgage was also named #1 in J.D. Power's survey of mortgage servicers for the seventh consecutive year – leading the list every year it has been eligible. This brings Rocket Mortgage's total top rankings from J.D. Power to 18 – the most of any mortgage lender in the history of the study.
Rocket Mortgage uses technology to help clients make better decisions in less time throughout their homeownership journey. A Rocket Mortgage application can be completed in as few as eight minutes. The company has had clients go from creating an account in Rocket Mortgage to signing their closing documents in as few as eight days. On average, clients close more than two weeks faster than the overall industry.
The company's digital tools have seen widespread adoption. Every half second of the day, on average, a sign-in occurs from clients who are applying, in process or in servicing. Also, a mortgage application is completed an average of every 26 seconds. Nearly half of these applications use Rocket Mortgage's digital data import tool to submit their income and assets information.
This year, Rocket Mortgage celebrated its 35th anniversary of helping Americans achieve the dream of homeownership. Over that time, Rocket Mortgage has provided more than $1 trillion in home loans to clients throughout the nation.
About Quicken Loans / Rocket Mortgage
Detroit-based Quicken Loans, the nation's largest home mortgage lender, enables the American Dream of homeownership and financial freedom through its obsession with an industry-leading, digital-driven client experience. The company closed $145 billion dollars of mortgage volume across all 50 states in 2019. In late 2015, Quicken Loans introduced Rocket Mortgage, the first fully digital mortgage experience. Currently, 98% of all home loans originated by Quicken Loans utilize Rocket Mortgage Technology.
Quicken Loans moved its headquarters to downtown Detroit in 2010. Today, Quicken Loans and the Rock Family of Companies employ more than 19,000 full-time team members in Detroit's urban core. The company generates loan production from web centers located in Detroit, Cleveland and Phoenix and operates a centralized loan processing facility in Detroit. Quicken Loans ranked highest in the country for customer satisfaction for primary mortgage origination by J.D. Power for 11 consecutive years, 2010 – 2020, and also ranked highest in the country for customer satisfaction among all mortgage servicers seven consecutive years, 2014 – 2020.
Quicken Loans was once again named to FORTUNE magazine's "100 Best Companies to Work For" list in 2019 and has been included in the magazine's top 1/3rd of companies named to the list for the past 17 consecutive years. In addition, Essence Magazine named Quicken Loans "#1 Place to Work in the Country for African Americans."
For more information and company news visitQuickenLoans.com/press-room.
About Rocket Companies
Rocket Companies is a Detroit-based holding company consisting of personal finance and consumer service brands including Rocket Mortgage, Rocket Homes, Rocket Loans, Rocket Auto, Rock Central, Amrock, Core Digital Media, Rock Connections, Lendesk and Edison Financial. Since 1985, Rocket Companies has been obsessed with helping its clients achieve the American dream of home ownership and financial freedom. Rocket Companies offers an industry-leading client experience powered by our simple, fast, and trusted digital solutions. Rocket Companies has 22,000 team members across the United States and Canada. Its flagship company, Rocket Mortgage, has been named to Fortune magazine's list of "100 Best Companies to Work For" for 17 consecutive years.
SOURCE Rocket Mortgage
