Survey: Consumers’ Highest-Rated Lenders

November 13, 2018

Quicken Loans ranks highest in customer satisfaction for the ninth consecutive year, according to the newly released 2018 U.S. Primary Mortgage Origination Satisfaction Survey. Customers overall are happier with their mortgage lender this year compared to last year, and a lot of that is attributed to lenders’ use of mixing in more digital interactions in the process, according to the survey, which is based on responses from more than 5,000 customers with new mortgages or who have refinanced within the last 12 months.

“The mortgage marketplace is changing rapidly as traditional players and new digital-native entrants ramp up their digital and mobile offerings,” says John Cabell, financial services practice lead at J.D. Power. “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.”

Quicken Loans, Fairway Independent Mortgage, Guild Mortgage, and Mr. Cooper scored the highest in customer satisfaction in this year’s survey. Mr. Cooper had the greatest year-over-year improvement.

JDPower mortgages chart. Visit source link at the end of the article for more information.

© J.D. Power

Here are some additional findings from this year’s survey:

  • Satisfaction improves with digital integration. More customers are using digital and mobile channels to connect with lenders. Customers use an average of 3.1 different channels during the mortgage process, with the phone leading at 72 percent, followed by websites (69 percent) and email (58 percent).
  • Representatives are still key players. Only 3 percent of mortgage customers say they rely only on digital self-service channels in the origination process. Customer satisfaction is highest among customers who spoke with their lender in person or over the phone when applying for a mortgage, followed by those who used a combination of personal and self-service tools. Consumers say that representatives provide the greatest value by following up after initial inquiry and also confirming loan terms and payment.
  • Fast replies are critical. Satisfaction is also highest among customers who received contact within one day of their inquiry. Satisfaction drops the longer customers have to wait for a response.