Quicken Loans, the parent company of One Reverse Mortgage, topped the 2013 J.D. Power Mortgage Origination Satisfaction Survey rankings for the fourth consecutive year.
Overall customer satisfaction with mortgage lenders reached a seven-year index high to 771 on a 1,000-point scale, as satisfaction among first-time home buyers improved considerably from 2012, according to the study, released Thursday.
Quicken Loans’s index ranking reached 841, and the Detroit-based company performed well across all four key factors of the mortgage origination experience: application/approval process, loan representative, closing, and contact.
BB&T ranked second, with an index of 798, with U.S. Bank coming in third (783). PNC Mortgage and Chase rounded out the top five.
Overall satisfaction is lower among homebuyers than among homeowners who refinance, with index rankings of 765 versus 775, respectively, J.D. Power found, in part due to refinance customers’ familiarity with the process.
Among first-time homebuyers, though, overall satisfaction is 772 in 2013 compared to 757 among repeat buyers.
Still, homebuyers—particularly first-time buyers—continue to experience difficulties understanding the loan options available to them. More than six in 10 (61%) of first-time homebuyers in 2013 indicated their loan representative clearly explained their options and that these options were completely understood, compared with 74% of repeat buyers and 81% of refinancing customers.
Written by Alyssa Gerace