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Quicken Loans tops J.D. Power mortgage customer satisfaction survey

November 18, 2013|By E. Scott Reckard
  • Closing on the purchase of an existing home typically takes 30 to 60 days. But with a new home, the timeline can be six months or more. Above, a family looking at model homes in San Bernardino last March.
Closing on the purchase of an existing home typically takes 30 to 60 days.… (Glenn Koenig / Los Angeles…)

Online lender Quicken Loans sits atop J.D. Power & Associates' survey of mortgage customer satisfaction for a fourth straight year.

Quicken rated 841 overall out of a possible 1,000, according to J.D. Power, a Westlake Village market researcher. The Detroit-based lender received top ratings in all categories: the application and approval process, interactions with loan representatives, the closing experience, and level and quality of contact.

BB&T Corp. of Winston-Salem, N.C., ranked second at 798 with high scores in all categories. U.S. Bank, based in Minneapolis, finished third at 783, with high ratings for applications and approvals and loan representatives.

Wells Fargo & Co. of San Francisco, the largest mortgage lender, scored 768, putting it in the “average” category along with Chase (773) and Citibank (764). Bank of America (734) was among the lenders ranked below average.

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The annual survey, released Thursday, showed overall satisfaction with the mortgage process moving higher for the third year in a row. The average score was 771, up 10 points from 2012 and at a seven-year high.

People refinancing mortgages had better experiences on average than those purchasing homes. This was especially true of first-time buyers, whose lack of familiarity with the process added to the stress of a major financial commitment, said Craig Martin, head of J.D. Power’s financial services practice.

On the other hand, as higher interest rates put an end to the refinancing boom, competition among lenders to fund home purchases should benefit buyers, Martin said.

The results were based on responses from 3,267 customers surveyed in August. The respondents had bought a home or refinanced their mortgages in the 12 previous months, J.D. Power said.

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