A Decade of Excellence: Rocket Mortgage Named #1 for Client Satisfaction in Mortgage Servicing by J.D. Power for the 10th Year
PRNewswire 25-Jul-2024 8:13 AM
Rocket earned a first place ranking in every category measured by the study
DETROIT, July 25, 2024 /PRNewswire/ -- Rocket Mortgage, the country's largest retail mortgage lender and part of Rocket Companies (NYSE:RKT), was today ranked #1 in client satisfaction by J.D. Power in mortgage servicing. This is the 10th year the company has received the prestigious honor and the 22nd J.D. Power award Rocket Mortgage has earned in total, including 12 times being top ranked for mortgage origination.
In the past year, Rocket has significantly expanded its use of artificial intelligence (AI), building it into every aspect of the homeownership journey. Focusing on AI is already benefiting both Rocket's servicing team and clients, resulting in first call resolutions of more than 60% and creating stronger relationships between the company and its clients.
Today's recognition is particularly meaningful as it is based entirely on client feedback sourced by J.D. Power, who surveyed more than 11,000 American homeowners to determine the rankings. Along with #1 overall client satisfaction, Rocket earned the top spot in every category measured.
One of the company's AI innovations, Rocket Logic – Synopsis, leverages machine learning and large language models to transcribe client calls, automatically capturing details, sentiment and client patterns, helping to create more meaningful conversations and solve client concerns faster. The tool is projected to save more than 45,000 hours per year by eliminating the need to complete the tedious tasks, freeing team members to concentrate on building relationships with Rocket's serviced clients.
"At Rocket, we view mortgage servicing as an opportunity to forge lifelong relationships with our clients by delivering exceptional, hassle-free experiences," said LaQuanda Sain, Executive Vice President of Servicing at Rocket Mortgage. "By supercharging our team with AI-powered tools and technology, we enable them to build genuine connections with our clients. This commitment to excellence is part of why Rocket Mortgage's serviced clients return to the company for their next home loan three times as often as the industry average."
To make the process as convenient as possible, homeowners can manage their loan through an easy-to-use, website or mobile app to seamlessly make their payments with only a few clicks. This intuitive option has resulted in 78% of Rocket clients becoming completely paperless compared to the industry average of 30%.
While the homebuying process takes around 30 days, a client could work with a mortgage servicer for decades over the life of several mortgages. In addition to collecting mortgage payments and paying taxes and insurance on its clients' behalf, the servicer is also resolving any issues that may come up throughout the life of the loan – a responsibility Rocket Mortgage takes very seriously.
"After multiple mortgages with Rocket, I can confidently say that each team member I work with truly prioritizes my best interests," said Ed Wood, a serviced client with Rocket Mortgage since 2017. "Rocket's team has guided me through my homeownership journey with the expertise, empathy and speed that you expect from a company that is handling something as important as your home loan. The confidence I felt was reassuring when I purchased my next home with Rocket."
As of March 30, 2024, Rocket Mortgage's servicing portfolio totaled $511 billion of unpaid principal balance with 2.5 million loans serviced.
Forward Looking Statements
Some of the statements contained in this document are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are generally identified by the use of words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this document and are based on our management's current expectations, estimates, forecasts, projections, assumptions, beliefs, and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled "Risk Factors" in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the Securities and Exchange Commission ("SEC"). These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in our SEC filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.
About Rocket Mortgage
Detroit-based Rocket Mortgage is the largest retail mortgage lender and is a part of Rocket Companies (NYSE:RKT).
The lender enables the American Dream of homeownership and financial freedom through its obsession with an industry-leading, digital-driven client experience. In late 2015, it introduced the first fully digital, completely online mortgage experience. Since its founding in 1985, Rocket Mortgage has closed more than $1.7 trillion of mortgage volume across all 50 states.
J.D. Power has ranked Rocket Mortgage #1 in client satisfaction for primary mortgage origination and mortgage servicing a total of 22 times – the most of any mortgage lender. Rocket Companies, Rocket Mortgage's parent company, has ranked in the top third of Fortune's list of the "100 Best Companies to Work For" in 2022 for 21 consecutive years.
About Rocket Companies
Founded in 1985, Rocket Companies (NYSE:RKT) is a Detroit-based fintech platform company consisting of personal finance and consumer technology brands including Rocket Mortgage, Rocket Homes, Amrock Title and Escrow Services and Rocket Money, Rocket Loans.
With 50 million call logs each year, 10 petabytes of data and a mission to Help Everyone Home, Rocket Companies is well positioned to be the destination for AI-fueled homeownership. Known for providing exceptional client experiences, J.D. Power has ranked Rocket Mortgage #1 in client satisfaction for primary mortgage origination and mortgage servicing a total of 22 times – the most of any mortgage lender.
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SOURCE Rocket Mortgage
