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