Quicken Loans Wins Back-To-Back J.D. Power Awards for Mortgage Servicing - Quicken Loans Zing Blog

As of December 19, 2017, MyQL is now referred to as Rocket Mortgage.

Going through the mortgage purchase or refinance process can sometimes be scary. It’s for this reason that you’ll want a mortgage company in your corner to take you through the twists and turns of each part of the process. You want the advantages that come from years of experience, with company qualities like customer service, convenience and access to technology, to name a few.

One important factor to consider when selecting a mortgage company is whether or not the company services loans. A mortgage company that will service your loan after you close can be a huge benefit, but you have to know what to look for.

What Is Mortgage Servicing?

Your mortgage servicer manages your mortgage from just after closing until the loan is paid off. A few responsibilities of a mortgage servicer include:

  • Collecting monthly payments
  • Maintaining records of payments and loan balances
  • Providing timely communication
  • Paying taxes and insurance
  • Overseeing the escrow and impound accounts
  • Following up on delinquencies

For example, Quicken Loans is a mortgage servicer, responsible for both lending you the money to finance your mortgage and managing the payments until closing. So instead of your mortgage ending with the premise of low rates, you’ll receive outstanding service throughout the life of your loan. In fact, they service 99% of their mortgage portfolio.

Benefits of Quicken Loans Servicing

Now that we’ve distinguished the difference between a mortgage lender and servicer, let’s examine the qualities you should look for when choosing a mortgage company for your loan.

Fewer Servicing Fees

Quicken Loans charges fewer servicing fees than most other servicers. Most importantly, there’s no charge to make a payment on your mortgage, whether over the phone or online. This free service can save you hundreds – even thousands – of dollars over the life of your loan, as most servicers charge clients to use their payment options, like paying over the phone or using their websites.

That said, when choosing a mortgage company, make sure you ask about any additional fees that will be added on top of your mortgage payments.

Multiple Payment Options

Convenience is an important factor when comparing different mortgage lenders and servicers.

On top of checking out the servicing fees, you’ll want to explore the payment options provided by the servicer in question, such as over-the-phone payments and recurring payment schedules.

Quicken Loans, in addition to having no service charges for a payment, provides several different payment options, such as a pay-by-phone option and the option to set up a one-time payment or autopay via your online account. You can even set up biweekly payments through your account.*

Technology

When life gets busy, sometimes it’s hard to keep up with all the paperwork and payments that come with getting a mortgage. At Quicken Loans, you have access to a personal online account, allowing you the ability to:

  • Make and manage your payments
  • View your taxes and insurance payment history (if you have an escrow account)
  • View your loan information
  • Access your mortgage documents
  • Use our amortization calculator
  • Easily view and keep track of your home’s equity
  • See your neighborhood’s home values

It’s the 21st century, and it’s important for your mortgage company to recognize the value and convenience that can come with access to top-notch technology.

Client Experience

When searching for a mortgage company, you’ll want to choose one that goes above and beyond what’s typically expected during the home buying process. You’ll also want a company that cares about its clients.

Another feature of the Quicken Loans Servicing team is Operation Heart, an outlet for team members to reach out to clients and engage with them on a more personal level. Recently, Operation Heart team members sent a gift to a family whose loan is serviced by Quicken Loans, in celebration of their adopted children.

These actions are part of the initiative to find a better way to connect with clients and show that they care about all aspects of their life, beyond the mortgage experience.

Credentials and Awards

As the nation’s seventh-largest mortgage servicer, Quicken Loans has serviced more than 1.5 million mortgages since 2010, with a 96% satisfaction rate among serviced clients.**
For the fourth year in a row, J.D. Power ranked us highest in the nation for Mortgage Servicing. And for seven years in a row now, they also ranked Quicken Loans highest in the nation in customer satisfaction for Primary Mortgage Origination.

If you’re ready to make the leap into homeownership, make sure you do your homework. Many mortgage companies boast the “lowest rates,” but not all will talk about (or even offer) mortgage servicing. Make sure when you do choose a mortgage lender, you choose one that provides topnotch loan servicing so your home buying experience is a positive one.

What do you look for in a mortgage company? Let us know in the comments below!

*Quicken Loans credits these payments to your loan on a monthly basis. You make the equivalent of one extra payment per year that is applied directly against your principal, thereby paying less interest over time.

**Based on a Quicken Loans market research questionnaire of clients whose loans closed between 7/1/2016 and 12/31/2016.

†Quicken Loans received the highest numerical score in the proprietary J.D. Power 2010 – 2016 Primary Mortgage Origination studies and the 2014 – 2017 Primary Mortgage Servicer studies. 2016 Origination (or Sales) based on 5,182 total responses and measures the opinions of customers who originated a new mortgage or refinanced within the past 12 months, surveyed in July – August 2016. 2017 Servicing based on 7,374 total responses and measures the opinions of homeowners on their mortgage servicing company, surveyed in March – April 2017. Your experiences may vary. Visit JDPower.com.

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This Post Has 13 Comments

    1. Hi Peter:

      We follow state regulations regarding this. In your case, we see you have a lead in our system. We do pay interest in California.

      Thanks,
      Kevin

  1. What is the reason for some loan being transferred, Is it because they are late on their mortgage payments ?

    1. Hi Leroy:

      In terms of our servicing portfolio, a very small percentage of our loans are transferred (less than 1%) and it has more to do with the characteristics of the loan and needing to meet some nonstandard requirements on our end. It has nothing to do with late payments or loan delinquency, but some other very technical things. Standard conforming loans should be just fine to stay with us for servicing if that’s what you’re asking. Thanks!

      Kevin Graham

    1. Hi Catherine:

      All verse servicing is handled online and over the phone by our US-based team. Our online portal is MyQL. Have a good night!

      Thanks,
      Kevin Graham

  2. I wanted to let everyone know that I received some clarification on this. We service 100% of our non-jumbo loans. Thanks for asking!

  3. I’ve been meaning to ask that question too. “… service as many as we can…” means that Quicken does transfer some of their mortgage loans. Correct? Thanks. ED

    1. Hi Ed:

      We do transfer the servicing on a certain number of specialized loans. It’s not very high though and the overwhelming majority of our clients stick with us for servicing all the way through.

      Thanks,
      Kevin Graham

      1. Thanks. Were you able to find the answer to Cheri’s question regarding the percentage of loans Quicken keeps or transfers? Call me curious. Thanks. ED

        1. Hi Ed:

          I don’t know the exact percentage, but we sell the servicing on a very small number of our loans and if we do, it’s in extremely specialized cases. We want to maintain that relationship with our clients throughout the life of the loan.

          Thanks,
          Kevin Graham

  4. What percentage of loans written by QL are actually kept and serviced by QL through the life of the loan? vs. how many are transferred to another servicer, other than QL?

    1. Hi Cheri:

      I don’t have the exact numbers, but I can tell you that we service as many as we can. I’m going to have someone reach out to you and see if we can offer more information.

      Thanks,
      Kevin Graham

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