Rocket Mortgage in Detroit, the country’s largest retail mortgage lender and part of Rocket Cos., today announced it was ranked No. 1 in client satisfaction by Troy-based 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 states it 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 percent and creating stronger relationships between the company and its clients.
The recognition is based entirely on client feedback sourced by J.D. Power, which surveyed more than 11,000 American homeowners to determine the rankings. Along with No. 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,” says 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 percent of Rocket clients becoming completely paperless compared to the industry average of 30 percent.
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.
“After multiple mortgages with Rocket, I can confidently say that each team member I work with truly prioritizes my best interests,” says 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, Rocket Mortgage’s servicing portfolio totaled $511 billion of unpaid principal balance with 2.5 million loans serviced.
J.D. Power has ranked Rocket Mortgage No. 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.
Founded in 1985, Rocket Cos. 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, Rocket Money, and Rocket Loans.
