Quicken recently led J.D. Power's customer satisfaction survey – for the 11th year in a row
Canada doesn’t often look to the US for examples of how to do things properly, but when Americans get things right, they’re pretty hard to beat.
Quicken Loans is undoubtedly on the list of American endeavours that have hit the bullseye. On Monday, it was announced that the company topped the J.D. Power 2020 US Primary Mortgage Origination Satisfaction Study for the eleventh year in a row.
“We have always prided ourselves on being client-first and then figuring everything else out after that,” said Heather Lovier, executive vice president of client experience operations at Quicken. “That is our number one focus, regardless of whether we’re in a refi boom or it’s a slower year. Client experience is our number one thing.”
Lovier said being recognized by J.D. Power, which has also handed Quicken seven awards for mortgage servicing over the years, is significant because of the objectivity of the group’s survey process. Unlike some industry surveys, companies cannot pay to play or nominate themselves for inclusion in J.D. Power’s. A positive JDP evaluation is about as close to a client-generated seal of approval as there is.
Mortgage Broker News asked Lovier about what Quicken does to keep its clients satisfied year-in and year-out. She chalked the company’s success up to four key strategies.
1. ISMs
Maintaining a company culture across an organization that employs more than 25,000 people requires simple messaging and constant modelling by leadership. That’s why Quicken put together its book of “ISMs”, 20 brief phrases – “Yes before no,” “We’ll figure it out,” “Obsessed with finding a better way” – that define the company’s core philosophies.
It’s no basic list of bumper sticker-ready aphorisms. The most recent edition of the “ISMs In Action” handbook is over 90 pages long. Every new team member, as well as every vendor the company interacts with, is required to attend an entire day of ISMs training.
“That is really the bedrock of who we are,” Lovier says. “If you understand who we are, we can teach you what to do, or you can be a partner of ours.”
The ISMs are frequently referenced by company leadership, which drives home their importance on a semi-daily basis and encourages new arrivals to Quicken to adopt them as best practices.
2. Consumer feedback
Giving clients what they want is much easier when a company asks them what that is. Lovier says Quicken is constantly asking for consumer feedback, both around new initiatives it is planning and recent employee performance.
“We do a client survey on how we did with them throughout the entire process of the mortgage,” she said.
Quicken also uses quality management platform Stella Connect to gather customer feedback after any interaction with a Quicken team member, whether it was over phone, text, or chat.
“We’re asking that client how was their experience and, if they were starting a company, would the person they spoke with be somebody that they would potentially hire as well,” she said, adding that if the employee in question receives a low rating from the customer, Quicken’s leaders are alerted immediately, allowing them to “reach back out to the client to figure out how we can meet their needs in a different way.”
3. Technology
More than any other company, Quicken Loans is responsible for digitizing the mortgage process. Its Rocket Mortgage platform essentially set the standard for the frictionless experience borrowers now expect when they begin their mortgage journeys online.
“They can pretty much process their own loan before we even get it to a banker, before we even get it through to an underwriter,” said Lovier.
In addition to simplifying the process for consumers, Quicken has added a few interesting tweaks along the way.
On the servicing side of things, clients experiencing financial hardship and in need of an alternative payment plan can enter the required information into the Rocket portal and be presented with both a path forward and its potential outcomes.
“In situations where clients are struggling, the last thing they want to do is get on the telephone and explain to somebody all the hardships they’re going through,” Lovier said.
Quicken also gives its clients freedom over how they want to proceed with their loan applications – to a point. Generally, clients can choose either to bring a human Quicken representative into the mix or go it alone using the company’s online tools. But that option is not open to everyone. Quicken’s AI analyzes customers’ unique financial situations and chosen mortgage products to determine if the loan they have in mind for themselves is one they should proceed with unassisted. If, for example, a self-employed borrower with multiple income streams wants to apply for a mortgage – a complex scenario that requires some hand-holding on the part of a broker – a purely digital mortgage experience is unlikely to be presented as an option.
“It’s not just about having cool technology,” Lovier says. “It’s having cool technology that’s functional and respects what our clients’ needs and wants are. At any given time, the client can say, ‘I don’t want to do this by myself. I need help,’ and we can switch them over to that process.”
4. Transparency
From application to closing, Quicken clients know what stage their loans are in. Removing the element of uncertainty can mitigate the anxiety that is baked into the mortgage process.
“From the beginning to the end, we want our clients to know exactly what’s going on at all times – what we need them to do and what we’re doing for them,” Lovier said.
Quicken has set up multiple touchpoints throughout a customer’s mortgage journey. When a document is submitted, the client is thanked and told when the document will be reviewed. Correspondence is sent out regularly, even if a client isn’t required to send in additional information. Once a loan has been closed, customers are updated around their payment status, the value of their homes, and if now is an advantageous time to refinance.
“We’re really putting the power of the information in their hands,” Lovier said. “That’s really our overall goal from an innovation standpoint.”
