Rocket Mortgage, the largest retail mortgage lender in the United States and a part of Rocket Companies (NYSE: RKT), has been ranked #1 in client satisfaction by J.D. Power in mortgage servicing for the 10th consecutive year. This marks the 22nd J.D. Power award received by Rocket Mortgage, which includes 12 top rankings for mortgage origination.
In the past year, Rocket Mortgage has significantly expanded its use of artificial intelligence (AI) across all aspects of the homeownership journey. The integration of AI has benefited both Rocket’s servicing team and clients, leading to first call resolutions exceeding 60% and fostering stronger relationships between the company and its clients.
The recognition from J.D. Power is based entirely on client feedback gathered from more than 11,000 American homeowners. Rocket Mortgage achieved top rankings in every category measured.
One notable AI innovation at Rocket Mortgage is "Rocket Logic – Synopsis," which uses machine learning and large language models to transcribe client calls, capturing details, sentiment, and client patterns automatically. This tool is expected to save over 45,000 hours annually by eliminating tedious tasks and allowing team members to focus on building meaningful relationships with 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.”
Rocket Mortgage offers a user-friendly website and mobile app that allows homeowners to manage their loans conveniently with just a few clicks. As a result, 78% of Rocket clients have opted for paperless transactions compared to an industry average of 30%.
Ed Wood, a serviced client since 2017, praised the company's service: “After multiple mortgages with Rocket, I can confidently say that each team member I work with truly prioritizes my best interests,” he said. “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.”
As of March 30, 2024, Rocket Mortgage's servicing portfolio totaled $511 billion in unpaid principal balance across 2.5 million loans.
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