From a Realtor(r) — Quicken Loans (online) vs. Local Loan Officers
In a recent press release, JD Powers ranked Quicken Loans as #1 with regard to customer satisfaction for home loan purchase and refinance origination. I wonder how they’d rank locally or if this is a national statistic?
While we increasingly become an online population with little or no face-to-face communication, I’m not sure I agree that using online mortgage brokers vs. local loan officers is the best method of completing a home purchase. In all fairness, however, I haven’t had an opportunity of working with Quicken Loans with any buyer. I can tell you that clients of mine have worked with several of the other companies in the JD Powers rating list…and with mixed satisfaction.
From my perspective, once financial qualification is determined, the most critical part of completing a mortgage loan is communication between all parties involved, not just the borrower and their loan company.
Working successfully through a transaction requires that a real estate broker also be kept informed. We’re out here trying to coordinate things from our side and knowing timelines and milestones on the loan side is critical. After all, we need to meet those deadlines as well.
I always want to be sure to know exactly who to talk to (not just a voice in a department), but a real person that follows a mortgage application from start to finish. That said here’s a list of highly successful mortgage representatives with whom I work continually. They do what they say they will do, they know their loan products and they are masters at communication! I know, without a doubt, that they’d rank right up there with Quicken Loans, if not higher.
By the way, I’m all for making applications online, using email, texts, whatever. I regularly share info electronically and I absolutely love the convenience and security of using digital signatures. I just think it’s critical to have a single person with whom you’ve met and talked handle your transaction from start to finish. And be there later when you have questions or want to refinance. Your talented and qualified mortgage officer should be part of your suite of regularly used professionals, along with your real estate broker. We’re here for the long term, not just a single transaction.
Other articles you may find useful:
Questions to Ask a Loan Officer
Mortgage Approval for Buyers “and” Sellers
