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CORRECTING and REPLACING Mortgage Customer Satisfaction Improves but Loan Boom Reveals Foundation Cracks, J.D. Power Finds

November 14, 2019
CORRECTING and REPLACING Mortgage Customer Satisfaction Improves but Loan Boom Reveals Foundation Cracks, J.D. Power Finds
CORRECTING and REPLACING Mortgage Customer Satisfaction Improves but Loan Boom Reveals Foundation Cracks, J.D. Power Finds

COSTA MESA, Calif.--(BUSINESS WIRE)--Nov 14, 2019--

Second paragraph, first sentence in Primary Mortgage Origination Rankings section of release should read: The 2019 U.S. Primary Mortgage Origination Satisfaction Study measures overall customer satisfaction based on performance in four factors (in alphabetical order): application/approval process; communication; loan closing; and loan offerings (Instead of The 2019 U.S. Primary Mortgage Origination Satisfaction Study measures customer satisfaction with the mortgage origination experience in six factors (listed alphabetically): application/approval process; interaction; loan closing; loan offerings; onboarding; and problem resolution).

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Also, please replace the photo with the accompanying corrected photo.

The corrected release reads:

MORTGAGE CUSTOMER SATISFACTION IMPROVES BUT LOAN BOOM REVEALS FOUNDATION CRACKS, J.D. POWER FINDS

Quicken Loans Ranks Highest in Customer Satisfaction for 10th Consecutive Year

Overall customer satisfaction with primary mortgage originators has improved throughout most of 2019 but dropped off significantly in Q2 as loan origination volume surged. According to the J.D. Power 2019 U.S. Primary Mortgage Origination Satisfaction Study, SM released today, the industry’s inability to maintain consistently high levels of customer satisfaction throughout swings in the credit cycle is the key to understanding the current challenges mortgage lenders face.

“Mortgage originators have been consistently transforming their businesses by adding self-service technology tools and reducing customer-facing staff, but when put to the test by an unexpected surge in refinancing volume, this approach fell short of customer expectations,” said John Cabell, Director of Wealth and Lending Intelligence at J.D. Power. “It is critical that originators get the balance right between tech and staffing to be able to deal with the swings in loan volume that can dramatically change from month to month.”

Following are some key findings of the 2019 study:

Primary Mortgage Origination Rankings

Quicken Loans ranks highest in mortgage origination satisfaction for a 10th consecutive year, achieving a score of 880. Fairway Independent (865) ranks second and Guild Mortgage Company (864) ranks third.

The 2019 U.S. Primary Mortgage Origination Satisfaction Study measures overall customer satisfaction based on performance in four factors (in alphabetical order): application/approval process; communication; loan closing; and loan offerings. The study was fielded in July-August 2019 and is based on responses from 4,602 customers who originated a new mortgage or refinanced within the past 12 months.

For more information about the U.S. Primary Mortgage Origination Satisfaction Study, visit https://www.jdpower.com/resource/us-primary-mortgage-origination-satisfaction-study.

See the online press release at http://www.jdpower.com/pr-id/2019220.

J.D. Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable J.D. Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, J.D. Power has offices serving North America, South America, Asia Pacific and Europe.

About J.D. Power and Advertising/Promotional Rules:www.jdpower.com/business/about-us/press-release-info

View source version on businesswire.com:https://www.businesswire.com/news/home/20191114005016/en/

CONTACT: Geno Effler, J.D. Power; Costa Mesa, Calif.; 714-621-6224;media.relations@jdpa.com

John Roderick; St. James, N.Y.; 631-584-2200;john@jroderick.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: FINANCE BANKING PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY

SOURCE: J.D. Power

Copyright Business Wire 2019.

PUB: 11/14/2019 11:33 AM/DISC: 11/14/2019 11:33 AM

http://www.businesswire.com/news/home/20191114005016/en