Quicken Loans tops for customer service yet again
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.
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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