Quicken takes the cake
Increasing use of digital processes has pushed overall mortgage lender satisfaction significantly up over the last year, according to a new survey. Quicken Loans claims the highest satisfaction levels for 2018.Verify your new rate (May 25th, 2019)
Serving up satisfaction
According to the J.D. Power 2018 U.S. Primary Mortgage Origination Satisfaction Survey, overall satisfaction with mortgage lenders is up 10 points over last year. Satisfaction is now at an 836 on a 1,000-point scale.
Quicken Loans has the highest overall satisfaction for the ninth year in a row, coming in with an 876. Fairway Independent Mortgage and Guild Mortgage Company came in at second and third, with satisfaction scores of 873 and 857, respectively.
Mr. Cooper has seen the biggest year-over-year jump in satisfaction, with a 41-point rise since 2017.
Digitization plays a role
Increasing use of digital processes and tools has helped push satisfaction up. According to the survey, the average customer uses more than three channels during the mortgage process. Phone is the most common, with 72 percent of consumers saying they used it. Website and email were used 69 percent and 58 percent of the time, respectively.
But only 3 percent of mortgage customers rely wholly on digital processes. And according to John Cabell, financial services practices lead at J.D. Power, mixing those processes with human interaction is crucial.
“The mortgage marketplace is changing rapidly as traditional players and new digital-native entrants ramp up their digital and mobile offerings,” Cabell said. “While improved digital offerings are helping mortgage originators build customer satisfaction, it is important to find the right balance between digital, self-service offerings and personal interaction with a representative. Technology alone is not a magic bullet in this market. The key is knowing where to leverage it and where to layer in more traditional forms of one-on-one support.”Verify your new rate (May 25th, 2019)
Get today’s mortgage rates
Digitization makes it easier to shop around for mortgage rates, too. Want to see what rates you qualify for? Then shop around today.Verify your new rate (May 25th, 2019)