DETROIT, July 29, 2021 /PRNewswire/ -- Rocket Mortgage, America's largest mortgage lender and a part of Rocket Companies (NYSE: RKT), was today named the nation's top mortgage servicer for client satisfaction by J.D. Power for the 8th year in a row – every year it has been eligible for the accolade.
Rocket Mortgage servicing plays the important role of managing a homeowner's mortgage from closing until the loan is paid off. This includes collecting monthly mortgage payments, paying taxes and insurance on a client's behalf through an escrow account and helping homeowners if they need any assistance or are having difficulty making their payments.
In addition to ranking #1 for overall score, J.D. Power named Rocket Mortgage best-in-class in every category that makes up the total satisfaction score, including:
New Customer Orientation
Billing & Payment
Escrow Account Administration
"At Rocket Mortgage, our mission has always been to offer homeowners the best possible experience through a combination of innovative technology and the assistance of our Rocket Cloud Force – a team of highly trained professionals that can help with even the most complex circumstances," said Nicole Beattie, Rocket Mortgage Executive Vice President of Servicing. "Over the last year, our servicing team demonstrated its ability to deliver in both good and challenging times. We are proud to show what a difference it can make when a mortgage servicer provides best-in-class technology and caring team members – both of which resulted in forbearance rates much lower than the industry average during the COVID-19 pandemic."
Rocket Mortgage took an extremely proactive approach toward helping clients impacted by COVID-19. As the pandemic began to affect homeowners, the company released a proprietary automated system to quickly assist them. While many lenders were experiencing several-hour wait times, Rocket Mortgage clients were able to log into an online portal containing educational resources and an automated solution to apply for a forbearance plan.
Additionally, Rocket Mortgage servicing team members worked closely with clients to determine if forbearance was the right solution or if other options were more appropriate for their personal situation. The company then stayed in contact with clients who chose forbearance paths, connecting with them frequently to ensure they understood the next steps and answer any questions they had.
The net result of Rocket Mortgage's use of innovative technology, trusted expert advice and proactive outreach is a forbearance rate that is 35% lower than the industry average.
Thanks to the company's industry-leading mortgage servicing, homeowners come back to Rocket Mortgage for their next loan at an unmatched 90-plus percent retention rate – as of the first quarter of 2021.
According to Inside Mortgage Finance, Rocket Mortgage's portfolio of more than $467 billion in serviced loans – as of the end of Q1 2021 – makes it the country's fifth largest mortgage servicer.
About Rocket Mortgage
Detroit-based Rocket Mortgage, the nation's largest home mortgage lender, enables the American Dream of homeownership and financial freedom through its obsession with an industry-leading, digital-driven client experience. Rocket Mortgage closed $320 billion dollars of mortgage volume across all 50 states in 2020. In late 2015, it introduced the first fully digital, completely online mortgage experience. Currently, 99% of all home loans originated by the company utilize Rocket Mortgage technology.
Rocket Mortgage moved its headquarters to downtown Detroit in 2010. Today, Rocket Mortgage and Rocket Companies employ 24,000 full-time team members nationwide. The company generates loan production from web centers located in Detroit, Cleveland and Phoenix and operates a centralized loan processing facility in Detroit. Rocket Mortgage ranked highest in the country for customer satisfaction for primary mortgage origination by J.D. Power for the past 11 consecutive years, 2010 – 2020, and also ranked highest in the country for customer satisfaction among all mortgage servicers the past eight straight years, 2014 – 2021.
Rocket Companies, Rocket Mortgage's parent company, ranked #5 on Fortune's list of the "100 Best Companies to Work For" in 2021 and has placed in the top third of the list for 18 consecutive years.
For more information and company news visit QuickenLoans.com/PressRoom.