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.
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.
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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