A Decade of Excellence: Rocket Mortgage Named #1 for Client Satisfaction in Mortgage Servicing by J.D. Power for the 10th Year
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.
Rocket Mortgage, parte di Rocket Companies (NYSE: RKT), è stata classificata al primo posto nella soddisfazione dei clienti per il servizio mutui da J.D. Power per il decimo anno consecutivo. L'azienda ha primeggiato in tutte le categorie del sondaggio, che ha coinvolto oltre 11.000 proprietari di casa americani. Rocket ha significativamente ampliato l'uso di intelligenza artificiale (IA) nel percorso di proprietà della casa, portando a oltre il 60% delle risoluzioni al primo contatto.
Le principali innovazioni includono Rocket Logic – Synopsis, uno strumento di IA che trascrive le chiamate dei clienti e cattura i dettagli, previsto per risparmiare oltre 45.000 ore all'anno. I clienti assistiti da Rocket sono tre volte più propensi a tornare per il loro prossimo prestito immobiliare rispetto alla media del settore. Il portafoglio di servizi dell'azienda ammonta a 511 miliardi di dollari di saldo principale non pagato, con 2,5 milioni di prestiti gestiti a partire dal 30 marzo 2024.
Rocket Mortgage, parte de Rocket Companies (NYSE: RKT), ha sido clasificada en el primer lugar en satisfacción del cliente para servicio de hipotecas por J.D. Power durante el décimo año consecutivo. La compañía superó todas las categorías en la encuesta, que involucró a más de 11,000 propietarios de vivienda estadounidenses. Rocket ha ampliado significativamente su uso de inteligencia artificial (IA) en el proceso de propiedad de viviendas, lo que ha resultado en resoluciones del primer contacto que superan el 60%.
Las principales innovaciones incluyen Rocket Logic – Synopsis, una herramienta de IA que transcribe las llamadas de los clientes y captura detalles, proyectándose para ahorrar más de 45,000 horas anuales. Los clientes atendidos por Rocket son tres veces más propensos a regresar para su próximo préstamo hipotecario en comparación con la media de la industria. El portafolio de servicios de la compañía se sitúa en 511 mil millones de dólares en saldo principal no pagado, con 2.5 millones de préstamos atendidos hasta el 30 de marzo de 2024.
로켓 모기지(Rocket Mortgage)는 로켓 컴퍼니(Rocket Companies, NYSE: RKT)의 일부로, J.D. 파워(J.D. Power) 조사에서 모기지 서비스에 대한 고객 만족도 1위로 10년 연속 선정되었습니다. 이 회사는 11,000명 이상의 미국 주택 소유자가 참여한 조사에서 모든 카테고리에서 최고의 점수를 기록했습니다. 로켓은 주택 소유 여정에서 인공지능(AI)의 사용을 크게 확대하여 첫 번째 통화 해결율이 60%를 초과하는 결과를 도출했습니다.
주요 혁신으로는 로켓 로직 - 시노시스(Rocket Logic – Synopsis), 고객 통화를 기록하고 세부정보를 캡처하는 AI 도구로, 연간 45,000시간 이상의 시간을 절약할 것으로 예상됩니다. 로켓의 서비스 고객은 업계 평균에 비해 다음 주택 대출을 위해 돌아올 가능성이 세 배 더 높습니다. 회사의 서비스 포트폴리오는 2024년 3월 30일 기준으로 미지급 원금 잔액이 5,110억 달러에 이르며, 250만 건의 대출이 서비스 중입니다.
Rocket Mortgage, faisant partie de Rocket Companies (NYSE: RKT), a été classée n°1 en satisfaction client pour le service de prêt immobilier par J.D. Power pour la dixième année consécutive. La société a surpassé toutes les catégories du sondage, qui a impliqué plus de 11 000 propriétaires américains. Rocket a considérablement élargi son utilisation de l'intelligence artificielle (IA) dans le parcours d'accession à la propriété, entraînant des résolutions au premier appel supérieures à 60%.
Les principales innovations incluent Rocket Logic – Synopsis, un outil d'IA qui transcrit les appels des clients et capte les détails, prévu pour économiser plus de 45 000 heures par an. Les clients servis par Rocket sont trois fois plus susceptibles de revenir pour leur prochain prêt immobilier par rapport à la moyenne du secteur. Le portefeuille de services de l'entreprise s'élève à 511 milliards de dollars de principal impayé, avec 2,5 millions de prêts servis au 30 mars 2024.
Rocket Mortgage, ein Teil von Rocket Companies (NYSE: RKT), wurde im zehnten Jahr in Folge von J.D. Power mit dem ersten Platz in der Kundenzufriedenheit für Hypothekenservice ausgezeichnet. Das Unternehmen hat in allen Kategorien der Umfrage, an der über 11.000 amerikanische Eigenheimbesitzer teilgenommen haben, die besten Bewertungen erzielt. Rocket hat die Nutzung von künstlicher Intelligenz (KI) im Prozess des Eigenheimbesitzes erheblich ausgeweitet, was zu einer Ersterlösungsrate von über 60% geführt hat.
Zu den wichtigsten Innovationen gehört Rocket Logic – Synopsis, ein KI-Tool, das Kundenanrufe transkribiert und Details erfasst, und das voraussichtlich jährlich über 45.000 Stunden einsparen wird. Die von Rocket bedienten Kunden kehren dreimal so häufig für ihren nächsten Wohnungsbaudarlehen zurück wie der Branchendurchschnitt. Das Dienstleistungsportfolio des Unternehmens beläuft sich zum 30. März 2024 auf 511 Milliarden Dollar an ausstehenden Hauptbeträgen mit 2,5 Millionen bedienten Darlehen.
- 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
- None.
Insights
Rocket Mortgage's 10th consecutive J.D. Power award for client satisfaction in mortgage servicing is a significant achievement, but its impact on the company's financial performance and stock price is likely to be . While this accolade reinforces Rocket's strong market position, it's important to consider the broader context:
- The company's servicing portfolio stands at
$511 billion of unpaid principal balance, representing 2.5 million loans. This substantial portfolio provides a steady revenue stream, which is important in the current high-interest rate environment where new mortgage originations are subdued. - Rocket's focus on AI implementation, particularly the Rocket Logic – Synopsis tool, is projected to save 45,000 hours per year. This efficiency gain could potentially translate to cost savings, although the exact financial impact is not quantified in the news.
- The
78% paperless client rate, compared to the industry average of30% , suggests potential cost savings in processing and administration. - The statistic that Rocket's serviced clients return for new loans at 3x the industry average is particularly noteworthy. This high retention rate could lead to lower customer acquisition costs and more stable long-term revenue.
However, investors should note that while these achievements are positive, they don't directly address current market challenges such as rising interest rates and a cooling housing market. The stock's performance will likely be more influenced by broader economic factors and Rocket's ability to navigate the current mortgage landscape.
Rocket Mortgage's integration of AI into its servicing operations represents a significant technological leap in the mortgage industry. The key aspects to consider are:
- The Rocket Logic – Synopsis tool, leveraging machine learning and large language models, showcases advanced natural language processing capabilities. This technology's ability to transcribe calls, capture details and analyze sentiment in real-time is at the forefront of AI applications in customer service.
- The 60% first call resolution rate is impressive and likely contributes significantly to customer satisfaction. This efficiency could lead to reduced call volumes and operational costs.
- The projected time savings of 45,000 hours per year from AI implementation is substantial. This could allow for more strategic allocation of human resources, potentially improving both service quality and operational efficiency.
- The
78% paperless client rate indicates successful digital transformation efforts. This high adoption rate of digital services could provide Rocket with valuable data for further AI-driven improvements and personalized services.
While these advancements are commendable, it's important to monitor how Rocket continues to innovate and stay ahead in an industry where competitors are also investing heavily in AI and digital transformation. The long-term success will depend on Rocket's ability to continuously refine its AI models, ensure data privacy and security and maintain a balance between automation and human touch in customer interactions.
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
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