Quicken Loans tops for customer service yet again

Mitch Strohm

Low interest rates and reasonable fees are the most important things we look for when shopping for a mortgage.

But it's nice to find a lender that treats us well, too.

So that's why I'm happy to pass along the results of J.D. Power & Associates annual Primary Mortgage Origination Satisfaction Study.

The survey is based on the experiences of 3,267 borrowers who bought or refinanced a home during the past 12 months.

J.D. Power measured customer satisfaction in four key factors: application and approval process, loan representative performance, closing experience and client contact during the process.

It's a great way to judge how friendly and efficient the entire process is at the nation's largest mortgage lenders.

I think it's pretty telling that Quicken Loans took the survey's top spot for the fourth straight year.

Although the Detroit-based lender always has a competitive deal to tout, it rarely offers the absolute lowest rates and fees. We know that annoys some folks.

But when it comes to customer service, we don't think Quicken can be beat — at least not by the major national and regional banks J.D. Power compares Quicken with in its survey.

I might not ditch a lender that's charging a quarter-point less just to experience Quicken's industry-leading service. But I definitely would steer clear of the lowest-ranked lenders, no matter how good their rates are.

I can't help but look at this and think, "Bank of America? Yikes!"

Here are the results of the study.

jd powe mortgage study 2013

One final thought about the survey.

Overall satisfaction with mortgage lenders hit a seven-year high, with first-time buyers much more satisfied than they were in 2012.

That's probably because lenders are easing up on the ridiculously strict underwriting requirements they slapped on home loans after their reckless lending of the early 2000s led to the mortgage crisis of 2008.

Borrowers are bound to be happier with the process if they don't have to jump through so many hoops.

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  • Nick

    THEY SUCK! And Rocket Loan? YOU BETTER BE VERY CAREFUL AND READ ALL YOUR DISCLOSURES VERY CAREFULLY! They say one thing and than sneak in what they stated they wouldn't. The appraiser knocked 14% off what I was told my home was worth by Quicken Loans in a 2002 refinance. No upgrades in past 15 years when we just put a new roof,new a/c unit condenser and upgraded that from a 2 ton to a 3 ton,painted the house inside and out minus utility room,new refrigerator,range,sink,faucets,toilet.We used their appraiser and he had many mistakes in his appraisal but was able to just estimate our home at the exact price the loan originator approved us for credit,91,000. Than signed the appraisal " AS IS" but added and changed our conventional loan into FHA,per a request we never made.We were approved for 10 weeks,loan discontinued,they refused to answer our " Written Request " because we didn't close our loan with them. Written request are request for information you may not understand about the loan process that a Lender is suppose to answer and they told me because I didn't close my loan with them they didn't have to answer any questions I had about the loan. I didn't close the loan because I was asserting our rights as a borrower and our loan was discontinued because of Incomplete application documents. The problem is,they filled out the application,we gave them the information they requested,and if it was incomplete,they never gave us the opportunity to provide the incomplete information or tell us what exactly was incomplete.After that I was told in a letter that Quicken Loans did everything they could to explain the mortgage process.They did everything but informed me of 15 of 19 Disclosures the hid from me, all of them hid from me had no money value or cost on them, my Written Request weren't answered because I didn't close the loan and they did everything possible to make me understand the mortgage process except answer my questions why our loan terms and conditions changed 4 times from our original agreement.Adding tens of thousands in insurance cost,taxes,escrow,and closing cost.I'm the 95% unsatisfied customers who didn't get a loan through Quicken Loans. The high 9% interest rate we had my wife was looking to lower to 3.25% was actually a 4.99%.The high unbelievable 9% rate we had was given by Quicken Loans in 2002 refinance.It was advertised not to go above 8% but at closing it was changed to 9%.I had a lot of debt I needed to payoff so I went through with the loan.Here they are 14 years later knocking 14% plus off the value of our home based off market trends? I don't know about market trends but out of 7 comparable homes similar to ours and sold within the last year were at minimum getting at least 4.20 sq. ft. more than us and as much as 26.00 more per sq.ft.That's using the appraiser's comps. I have 2 list of homes sold in 2014 and 2015 and I can't come up with the price we were paid for ours but at least 15.00 to 20.00 more or the market is just discriminating against us by paying us less.