M Report – Krista Franks Brock
Customer satisfaction with mortgage loan originators reached a seven-year high this year with Quicken Loans earning the highest ranking for the fourth year in a row, according to the J.D. Power 2013 U.S. Primary Mortgage Origination Satisfaction Study. The study ranks originators on a 1,000-point scale, taking into consideration four factors, including the application/approval process, loan representatives, closing, and contact with lenders.
Satisfaction across the industry increased for the third year in a row, reaching a seven-year high of 771. Those refinancing their mortgage loans were more satisfied with the process than those purchasing a home, according to J.D. Power. Satisfaction among refinancers was 775 compared to 765 among homebuyers. J.D. Power attributes this to “refinance customers’ familiarity with the process.”
However, first-time home buyers were significantly more satisfied with the process than repeat buyers. The satisfaction ranking for first-time buyers is 772 compared to 757 for repeat buyers. First-time buyers were the most likely category of customers to acquire additional fees at closing. Seventeen percent of first-time buyers had fees tacked on at closing, compared to 8 percent of repeat buyers and 7 percent of refinancers.
>> Read More: J.D. Power 2013 U.S. Primary Mortgage Origination Satisfaction Study.: http://www.jdpower.com/content/press-release/guM7kPe/2013-u-s-primary-mortgage-origination-satisfaction-study.htm