A Decade of Excellence: Rocket Mortgage Named #1 for Client Satisfaction in Mortgage Servicing by J.D. Power for the 10th Year
Rhea-AI Summary
Rocket Mortgage, part of Rocket Companies (NYSE: RKT), has been ranked #1 in client satisfaction for mortgage servicing by J.D. Power for the 10th consecutive year. The company topped all categories in the survey, which involved over 11,000 American homeowners. Rocket has significantly expanded its use of artificial intelligence (AI) in the homeownership journey, resulting in first call resolutions exceeding 60%.
Key innovations include Rocket Logic – Synopsis, an AI tool that transcribes client calls and captures details, projected to save over 45,000 hours annually. Rocket's serviced clients are three times more likely to return for their next home loan compared to the industry average. The company's servicing portfolio stands at $511 billion of unpaid principal balance with 2.5 million loans serviced as of March 30, 2024.
Positive
- Ranked #1 in client satisfaction for mortgage servicing by J.D. Power for the 10th consecutive year
- Topped all categories in the J.D. Power survey
- AI implementation resulting in first call resolutions exceeding 60%
- Rocket Logic – Synopsis AI tool projected to save over 45,000 hours annually
- Serviced clients return for next home loan 3x more often than industry average
- 78% of Rocket clients are paperless compared to 30% industry average
- $511 billion servicing portfolio with 2.5 million loans as of March 30, 2024
Negative
- None.
News Market Reaction – RKT
In the trading session that priced this news, RKT gained 3.75%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Rocket earned a first place ranking in every category measured by the study
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
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
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
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
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
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
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