For the 10th consecutive year, Quicken Loans has been ranked #1 in JD Power’s 2019 U.S. Primary Mortgage Origination Satisfaction Study.
The Detroit-headquartered lender topped the study with a score of 880 on a 1,000-point scale. Fairway Independent placed second with a score of 865 and Guild Mortgage Co. came third with a score of 864. Rounding out the top 10 were Citi (859), Fifth Third (854), US Bank (852), Chase (850), LoanDepot (849), Guaranteed Rate (846) and Bank of America (843). The average industry score for this year’s study was 850.
Three financial institutions scored higher than Quicken Loans – USAA Federal Savings Bank (900), Veterans (891), and Navy Federal Credit Union (882) – but were deemed ineligible for ranking because JD Power claimed that they did not meet the study’s allocation criteria. .
The new study also found that overall customer satisfaction with mortgage originators was 14 points higher than a year ago. Sixty-three percent of borrowers looking to refinance a mortgage said they were able to complete their transaction on more favorable terms. Most customer interactions with lenders are via email (70%) or phone (63%), with only 15% of customers using a mortgage lender’s mobile app.
“Mortgage originators have consistently transformed their businesses by adding self-service technology tools and reducing customer-facing staff, but when challenged by an unexpected increase in refinance volume , this approach has not met customer expectations,” said John Cabell, director of wealth and loan intelligence at JD Power. “It is essential that originators find the right balance between technology and personnel to be able to deal with fluctuations in loan volume which can change significantly from month to month.”