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

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.

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.1
For the 6th 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.2

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!

1 Based on a Quicken Loans market research questionnaire of clients whose loans closed between 1/1/2018 and 6/30/2018.

2Quicken Loans received the highest score in the J.D. Power 2010 – 2018 (tied in 2017) Primary Mortgage Origination and 2014 – 2019 Primary Mortgage Servicer Studies of customers’ satisfaction with their mortgage sales experience and mortgage servicer company, respectively. Visit JDPower.com/Awards.

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This Post Has 77 Comments

  1. I called the insurance today checking out if the insurance from $75,000.00 to 80,000.00 would change any. I will call tomorrow to my insurance person Sandy with Milner.

    1. Hi Beverly:

      If you’re referring to a homeowners insurance policy, going from $75,000-$80,000 would likely change your monthly premium which would mean the amount necessary for escrow would go up. But I’m going to get this to our team to reach out and answer any specific questions.

  2. Quicken loans as such is a great company for loan servicing. But the issue is they sell their loans. This happened to one of my friends I was worried about that and sure enough, they sold my loan too. And it is sold to one of the lowest-rated servicers, loan care. And when I told my friend that mine is getting transferred to loan care, he simply said, get a refi.
    Also with current rates being lower, I am refinancing and my first option was quicken loans so I contacted them via chat and asked if I can be with quicken loans if I refi and get the confirmation that the servicing would not change. But the agent told me that it is not possible. so I choose another lender, who at least from online reviews rarely sell their loans. (hopefully I am not in the rare section)
    I do not mind you selling the servicing, it is a fairly common business practice. But at least understand we choose quicken because of the recommendations and please sell it to the ones who have comparable ratings not the ones with such low ratings.
    Raj!

    1. Hi Raj:

      While we do sell the servicing on a portion of our loans, we do care deeply about the client experience. Your feedback is valued and I’m going to get this to our Client Relations team so they can view your thoughts. We’re constantly evaluating our business practices, and feedback like yours is important. Thank you for reaching out!

    1. Hi Vivian:

      Thanks for reaching out! I’m going to get this to our team to see if there’s anything we can help you with. Otherwise, good luck!

  3. I’m in the process of refinancing my VA loan with QL. The comments that I have read so far is that QL is a good company, however, the concern is once the loan is with QL, it could be sold. I’m very familiar with that, as our previous loan was sold to Freedom Mortgage, and ever since that happened in 2016 it has been a nightmare from hell. Having a VA loan, you would think that the VA has some “power” over the lenders, they don’t. The VA only provides “guidelines and training” and guarantees the loan. During Hurricane Harvey, the VA backed offers from lenders to defer some payments until you recovered from the hurricane. We took FM up on that offer, making sure that our loan would not change. After the deferment, FM wanted to raise our rate by 2%, and they stated the VA said it was ok. The truth is the VA didn’t want to agree to the 2% raise, as the guidelines state, “no more than 1%”, FM mortgage stated that they would then make the homeowner pay the back payments or foreclose on their home. The VA reluctantly agreed, they said: “in the best interest of the veteran”. This will documented and just hearsay. Don’t believe that the VA has any legal power over unscrupulous lenders. I had numerous conversations with the VA, read the VA polices and nothing helped. I had to get an attorney, at my cost, and after several months FM backed down and kept my loan the same, with the back payments put the end of the loan. During that same time frame, FM was kicked out of the Fannie Mae program for predatory lending practices, such as offering refinancing on VA loans that didn’t make the VA guidelines. VA couldn’t stop them. Now FM is screwing around with our escrow, and wanting several hundred dollars more per month. The analysis is wrong and they basically said “hummm”. I can’t wait to get away from Freedom Morgage. So my biggest concern is my loan being sold back to a lender such as Freedom Morgage or Loancare. I would want to know what criteria QL uses to determine that a loan would be sold or kept. No matter what the answer is, I will continue with the refi process, I’ll do anything to get away from FM. Thank you for your time in reading this. David Strom

    1. Hi David:

      I understand your concerns. I’m going to have someone reach out to you to go over them. We believe in providing the highest possible level of client service to each and every one of our clients. I want to thank you for taking the time to reach out and also thank you for your service to our nation!

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