Quicken Loans, founded in 1985 as Rock Financial, is now the largest mortgage lender in the United States. This is no small feat in a highly competitive and regulated industry, where companies like Bank of America, Wells Fargo, and JPMorgan Chase also operate.
So how did Quicken Loans manage to become the top mortgage lender in America, and what sets it apart from its competitors? To answer these questions, we spoke with Quicken Loans CEO Jay Farner.
The Importance of Technology
According to Farner, technology has been one of the key drivers of Quicken Loans’ success. The company has invested heavily in developing its own proprietary software, which allows it to process mortgage applications faster and more accurately than its competitors.
We’ve been able to streamline the entire mortgage process, from application to closing, using technology,” Farner says. This has allowed us to provide a better customer experience while also reducing costs.
A Focus on Customer Service
Another factor that sets Quicken Loans apart from its competitors is its focus on customer service. The company has won numerous awards for its customer satisfaction ratings, and it has a team of dedicated client service professionals who are available to assist customers throughout the mortgage process.
We believe that buying a home should be a positive experience, and we work hard to make that happen for our customers,” Farner says. “We have a team of people who are solely focused on making sure our clients are satisfied with the service they receive.”
A Commitment to Innovation
Quicken Loans is also committed to innovation, which has helped it stay ahead of the curve in a rapidly evolving industry. For example, the company was one of the first to offer a fully online mortgage application process, which has proven to be a major competitive advantage.
“We’re always looking for new ways to improve our processes and provide a better experience for our customers,” Farner says. “Whether it’s through technology or other innovations, we’re constantly pushing ourselves to be better.”
Building a Strong Culture
Finally, Farner says that Quicken Loans’ success is also due in large part to its strong culture. The company has a set of core values that guide its decisions and actions, and it invests heavily in employee training and development.
“We believe that our people are our greatest asset,” Farner says. “We work hard to create a culture where everyone feels valued and empowered to make a difference.”
Conclusion
Quicken Loans’ success as America’s largest mortgage lender is the result of a combination of factors, including its investment in technology, focus on customer service, commitment to innovation, and strong culture. As the company continues to grow and evolve, it will be interesting to see what new innovations and initiatives it will pursue to maintain its competitive edge in the industry.