DETROIT, Nov. 23, 2010 /PRNewswire/ -- Quicken Loans Inc., the nation's largest online lender and a top-five retail mortgage lender, announced it ranked highest in "customer satisfaction" among all home loan lenders in the United States in a benchmark study of the mortgage industry by J.D. Power and Associates, the global marketing information services company.
Quicken Loans serves clients in all 50 states from its centralized Internet lending centers in Michigan, Ohio and Arizona. The company far exceeded the industry average on many key performance indicators, receiving the highest score in three key factors of the study:
- The mortgage application and approval process (quality and convenience)
- The mortgage closing experience (ease and speed)
- Contact and communication (keeping clients clearly updated in real time throughout the entire mortgage process)
"I am proud of the entire organization and our 4,000-plus incredible, curious, aware and motivated brainforce for achieving the accomplishment of being named the top home lender for client satisfaction in America. Our technology and process driven home lending platform continues to separate itself from the entire industry with its unparalleled capacity, speed, geographic reach and client experience," said Dan Gilbert, founder and chairman of Quicken Loans Inc.
"The fact that we were able to close record loan production and still deliver the highest rated client experience in our industry is a demonstration of our empowering culture. Our core strategy, initiated years ago, is and has been to develop a technology driven, process focused, large scale capacity to process and close retail home loans in all 50 states and 3,000 counties from a centralized environment with the highest level of client experience," continued Gilbert.
According to the J.D. Power and Associates study, the average industry time to close a loan has increased to more than 52 days in 2010. However, Quicken Loans' average time to complete a mortgage – from application to closing – is just over 30 days. In addition, Quicken Loans maintained its industry leading closing times by processing nearly 75 percent of its loan closings in 28 business days or less despite the immense volume that flooded the Detroit based online lender.
The study also reported online loan applications continue to rise, with nearly 20 percent of all customers beginning their mortgage process online. This represents a six percent increase from 2009. The report stated that more consumers are managing their mortgage applications remotely, and 50 percent of all clients never had a face-to-face meeting with their mortgage banker.
"By unleashing our team members' ability to impact positive change our clients receive the great benefits of their input. Our brainforce comes to work with one singular focus – 'what can they do today to amaze our clients'. We will continue to obsess over improving the quality of our clients' experience. We remain committed to treating each and every client as if they are a part of our family," added Quicken Loan CEO Bill Emerson.
About J.D. Power and Associates:
Headquartered in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services company operating in key business sectors including market research, forecasting, performance improvement, training and customer satisfaction. The company's quality and satisfaction measurements are based on responses from millions of consumers annually. For more information on car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, please visit JDPower.com. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.
About Quicken Loans Inc:
Quicken Loans Inc. is the nation's largest online retail mortgage lender and among the five largest overall retail home lenders in the United States. The company closed more than $25 billion in retail home loan volume across all 50 states in 2009, and recently closed its 1 millionth loan. Quicken Loans employs approximately 3,700 team members and generates loan production from five web centers located in Michigan, Ohio and Arizona. The company also operates a centralized loan processing facility in Michigan as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked #1 in customer satisfaction for home mortgage lending in the United States by J.D. Power and Associates for 2010. "QuickenLoans.com" has been named "Best of the Web" by Forbes and Money magazines. The company also has been named to Fortune magazine's list of the country's "100 Best Companies To Work For" seven consecutive years, ranking as high as #2, and named in the top-15 of Computerworld magazine's "100 Best Places to Work In Technology" for six years in a row. Quicken Loans ranked #1 in the Detroit Free Press' 'Top Workplaces of 2010' List. The company recently moved its headquarters and 1,700 of its 3,700 full-time team members to downtown Detroit. For more information about Quicken Loans, please visit www.quickenloans.com.
About Rock Holdings Inc:
Rock Holdings Inc. is the parent company for several financial services related businesses and employs over 4,000 team members. These client-focused and technologically-driven companies include Quicken Loans, the nation's largest online home lender and its One Reverse Mortgage unit, the fastest growing reverse mortgage lender in America; Title Source, a nationwide leader of title insurance and settlement services; Quicken Loans Mortgage Services (QLMS), a mortgage origination platform servicing community banks and credit unions across the country; In-House Realty, the preferred real estate partner of Quicken Loans that matches clients with trusted real estate agents in all 50 states; and, Quizzle.com, the online innovator and website where consumers manage their home, money and credit. Rock Holdings, Inc. also recently moved its headquarters to downtown Detroit.
SOURCE Quicken Loans Inc.