Quicken Loans Becomes Largest Home Lender in America

The nation’s leading home lender will debut a new campaign touting its Rocket Mortgage technology in Super Bowl LII

Detroit, MI – Feb. 1, 2018 (PRNewswire) Detroit-based Quicken Loans today announced it has become the nation’s largest residential mortgage lender in the 4th quarter of 2017– surpassing close to 30,000 lenders (commercial banks, savings and loans, credit unions, mortgage bankers, mortgage brokers) across the country.

The company, founded in 1985, was originally launched as a brick-and-mortar branch operation, with locations primarily based in the Midwest.

Quicken Loans Logo

In 2000, Quicken Loans shifted its fundamental business model to an online platform. This strategy was pivotal in catapulting the lender into a 50-state, centralized, consumer-direct mortgage lender with capacity to close large volumes of mortgage loans in all 3,000 counties across America. In essence, it was the defining moment that would eventually lead to Quicken Loans becoming the leader in the FinTech lending industry.

Quicken Loans’ philosophy of an obsessive focus on team member and client satisfaction, combined with its game-changing technology, was the formula that allowed the lender to make consistent market share gains nearly each year over the past two decades. This unique model finally culminated with Quicken Loans emerging as the largest overall home lender in the United States in the 4th quarter of last year.*

“I could not be more proud of each and every one of our 17,474 team members, who each day bring incredible passion and determination to deliver our clients the best possible experience, during the single biggest financial transaction in most of their lifetimes,” said Dan Gilbert, Founder and Chairman of Quicken Loans. “Achieving the #1 market share of all mortgage lenders is an exciting accomplishment, but we are even more inspired that we reached this significant milestone, while at the same time delivering the best client experience in the nation for the last 8 consecutive years and running.”

Quicken Loans’ success can be attributed to the company’s strong culture, built on an uncompromised dedication to putting clients first. As a result, the company has earned an unprecedented 12 J.D. Power awards including an unprecedented eight consecutive years Quicken Loans was ranked #1 in client satisfaction in the country – a recognition based entirely on client feedback collected by the independent research firm.

The company’s investment of capital along with its culture of encouraging team member innovation has created a steady stream of disruptive technologies that simplify and speed up the lending process.

In early 2016, Quicken Loans launched Rocket Mortgage, via its first ever Super Bowl commercial. Rocket Mortgage is the first completely online and fully personalized mortgage experience and was built with proprietary technology created by the national home lender. Rocket Mortgage, which gives customers the power to get approved for a mortgage in as few as 8 minutes, forever changed the lending landscape.

Quicken Loans’ Rocket Mortgage will again bring its message to more than 100 million Americans during Super Bowl LII, on February 4, 2018. Now that millions of Americans have accessed Rocket Mortgage technology, Quicken Loans will coincide this year’s Super Bowl spot by releasing an even better, and deeper, version of Rocket Mortgage with numerous additional features and further enhanced visibility.

Contrary to the historic trend, the company will not release its ad prior to its airing scheduled for the second quarter of Super Bowl LII.

In addition to its mission of leading the home financing world in both market share and client satisfaction, QL has also taken on the revitalization of downtown Detroit and the city’s neighborhoods as an additional company mission as important as its business goals.

“We view Quicken Loans as a ‘for-more-than-profit’ company. Our successes have allowed us to invest in every aspect of our hometown community, including education, housing stability and mentoring budding entrepreneurs,” said Jay Farner, Quicken Loans CEO. “By reinvesting our resources into the neighborhoods where we live, work and play, we ensure everyone has the chance to unlock their fullest potential. This approach attracts the best and brightest in today’s world to work for our company. It creates an environment that allows each and every team member to feel they are contributing to both the business and the betterment of the communities where we are located. It’s an equation that works for the advancement of both of our primary missions.”

Since 2010, Quicken Loans team members have volunteered 375,000 hours with community organizations, and the company has directly contributed nearly $130 million to numerous charities and community groups in its hometown of Detroit. Quicken Loans’ persistent, powerful voice for the future of Detroit is matched only by its actions and initiatives to continue transforming the city – from company-funded blight removal and tax foreclosure mitigation, to creating productive business and civic partnerships to funding experiential learning programs for public school students and more.

“I want to extend a heartfelt ‘thank you’ to everyone who helped us achieve this incredible milestone. While this is exciting, it is nothing more than a landmark which will motivate us to continue innovating and executing, urgently. We still have so much to achieve, both with our business and our hometowns of Detroit, Cleveland and everywhere our team members call home,” Farner added.

*4th quarter 2017 lender volumes and market share were acquired from information gathered from public company disclosures, industry publications, and other highly-credible sources known to Rock Holdings, Inc., the parent company of Quicken Loans. Calculations of closed loan volume and market share do not include closed loans purchased from other lenders who originated, handled all consumer communication and interaction, processed, closed and funded the loan. The originating lender would include that loan in its market share. Including that same loan and double counting it by also including it in the company’s market share who is purchasing the loan would be misleading and inaccurate.

About Quicken Loans

Detroit-based Quicken Loans Inc. is the nation’s largest home mortgage lender. The company closed more than $400 billion of mortgage volume across all 50 states from 2013 through 2017. Quicken Loans moved its headquarters to downtown Detroit in 2010, and now more than 17,000 team members from Quicken Loans and its Family of Companies work in the city’s urban core. The company generates loan production from web centers located in Detroit, Cleveland and Scottsdale, Arizona. The company also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked “Highest in Customer Satisfaction for Primary Mortgage Origination” in the United States by J.D. Power for the past eight consecutive years, 2010 – 2017, and highest in customer satisfaction among all mortgage servicers the past four years, 2014 – 2017.

Quicken Loans was ranked No. 10 on FORTUNE magazine’s annual “100 Best Companies to Work For” list in 2017, and has been among the top 30 companies for the past 14 consecutive years. The company has been recognized as one of Computerworld magazine’s “100 Best Places to Work in IT” the past 13 years, ranking No. 1 for eight of the past 12 years, including 2017. The company is a wholly-owned subsidiary of Rock Holdings, Inc., the parent company of several FinTech and related businesses. Quicken Loans is also the flagship business of Dan Gilbert’s Family of Companies comprising nearly 100 affiliated businesses spanning multiple industries. For more information and company news visit QuickenLoans.com/press-room.

End of 2017 Sees Homeowners and Appraisers More In Agreeance than in the Past Two Years

– Quicken Loans’ National HPPI shows appraised values 0.50% lower than homeowners estimated in December

– Home values rose 0.65% nationally in December, with a 6.17% year-over-year increase, according to the Quicken Loans HVI

Detroit, MI – Jan. 9, 2018 (PRNewswire) The views of homeowners, and those who appraise their properties, are continuing to move closer together. Home appraisals were an average of 0.5 percent lower than what owners expected in December, according to the National Quicken Loans Home Price Perception Index (HPPI). These two data points have moved closer together since November, when appraised values were 0.67 percent lower than homeowners’ estimates, and far improved from one year ago when there was a full 1 percent difference in valuation.

Quicken Loans Logo

Increasing equity continues to be another source of good news for homeowners. The National Quicken Loans Home Value Index (HVI) reported the average appraisal value climbed 0.65 percent higher from November to December, and jolted ahead 6.17 percent compared to the previous December.

Home Price Perception Index (HPPI)

Appraisals in December were an average of 0.5 percent lower than what homeowners estimated at the beginning of the mortgage process. Although the average appraisal continues to lag homeowner estimates, the gap between the two numbers was narrower in December than it has been since March 2015. The current narrowing trend is in its seventh-straight month. While perceptions vary between metro areas, they are improving at the metro level. A negative value, which indicates that appraiser opinions are lower than homeowner perceptions, was only indicated in a quarter of metro areas measured by the HPPI.

“Appraisers and real estate professionals evaluate their local housing markets daily. Homeowners, on the other hand, may only think about their housing market when they see ‘for sale’ signs hit front yards in the spring or when they think about accessing their equity,” said Bill Banfield, Quicken Loans Executive Vice President of Capital Markets. “This is reflected in the HPPI. The housing markets that are rising quickly, like those in the West, are having appraisal values increasing above owner estimates because owners don’t realize just how quickly those markets are advancing.”

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Home Value Index (HVI)

The HVI, the only measure of home value change based solely on appraisal data, showed promising growth. Values rose 0.5 percent from November to December, and 2017 ended on a strong note with the HVI rising 6.54 percent from January to December. The Northeast is the only region to show a monthly dip in value, but all regions reported annual growth – topping out with a 7.42 percent jump in the West.

“Homeowners received the gift of added equity this holiday season,” said Banfield. “With several years of growth, owners may have more equity than they realize. Many consumers use the tax season at the beginning of the year to reevaluate their entire financial life. It also provides a good opportunity for them to consider how best to take advantage of their equity while mortgage interest rates and borrowing costs are still near record lows.”

Chart 1

*A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

Chart 2

*A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

Chart 3

*A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

About the HPPI & HVI

The Quicken Loans HPPI represents the difference between appraisers’ and homeowners’ opinions of home values. The index compares the estimate that the homeowner supplies on a refinance mortgage application to the appraisal that is performed later in the mortgage process. This is an unprecedented report that gives a never-before-seen analysis of how homeowners are viewing the housing market. The HPPI national composite is determined by analyzing appraisal and homeowner estimates throughout the entire country, including data points from both inside and outside the metro areas specifically called out in the above report.

The Quicken Loans HVI is the only view of home value trends based solely on appraisal data from home purchases and mortgage refinances. This produces a wide data set and is focused on appraisals, one of the most important pieces of information to the mortgage process.

The HPPI and HVI are released on the second Tuesday of every month. Both of the reports are created with Quicken Loans’ propriety mortgage data from the 50-state lenders’ mortgage activity across all 3,000+ counties. The indexes are examined nationally, in four geographic regions and the HPPI is reported for 27 major metropolitan areas. All indexes, along with downloadable tables and graphs can be found at QuickenLoans.com/Indexes.

About Quicken Loans

Detroit-based Quicken Loans Inc. is the nation’s second largest retail home mortgage lender. The company closed more than $400 billion of mortgage volume across all 50 states from 2013 through 2017. Quicken Loans moved its headquarters to downtown Detroit in 2010, and now more than 17,000 team members from Quicken Loans and its Family of Companies work in the city’s urban core. The company generates loan production from web centers located in Detroit, Cleveland and Scottsdale, Arizona. The company also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit.

Quicken Loans ranked “Highest in Customer Satisfaction for Primary Mortgage Origination” in the United States by J.D. Power for the past eight consecutive years, 2010 – 2017, and highest in customer satisfaction among all mortgage servicers the past four years, 2014 – 2017.

Quicken Loans was ranked No. 10 on FORTUNE magazine’s annual “100 Best Companies to Work For” list in 2017, and has been among the top 30 companies for the past 14 consecutive years. The company has been recognized as one of Computerworld magazine’s “100 Best Places to Work in IT” the past 13 years, ranking No. 1 for eight of the past 12 years, including 2017. The company is a wholly-owned subsidiary of Rock Holdings, Inc., the parent company of several FinTech and related businesses. Quicken Loans is also the flagship business of Dan Gilbert’s Family of Companies comprising nearly 100 affiliated businesses spanning multiple industries. For more information and company news visit QuickenLoans.com/press-room.

Quicken Loans Study Shows Consumers Continue to Be Too Optimistic with Anticipated Home Value

– Quicken Loans’ National HPPI shows appraised values 1.35% lower than homeowners estimated in August

– Home values rose 0.19% nationally in August, with a 2.64% year-over-year increase, according to the Quicken Loans HVI

Detroit, MI – Sept. 12, 2017 (PRNewswire) Appraisals continued to lag homeowner expectations in August, although the difference between appraiser and owner opinions has narrowed. Quicken Loans’ National Home Price Perception Index (HPPI), which compares homeowners’ initial estimates and appraisers’ opinions of home values, showed that appraised values were 1.35 percent lower than homeowners’ expectations in August. This is compared to July when there was a 1.55 percent difference.

Quicken Loans Logo

While perceptions of home values vary, the values themselves are constantly changing. Home values ticked up 0.19 percent in August, according the Quicken Loans’ National Home Value Index. When viewed annually, values rose an average of 2.64 percent compared to August 2016.

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Home Price Perception Index (HPPI)

A home’s value, or its perceived value, can influence whether the owner decides to sell the home, refinance or even access some of their equity. However, the HPPI shows not all homeowners understand their home’s current value. Nationally, appraisals in August were 1.35 percent lower than homeowners’ valuations. Regionally, value perceptions vary widely across the country, from home values being 3 percent higher than homeowners estimated in the West, to 3 percent lower than expected in the Midwest and Northeast. A 3 percent difference may seem small, but depending on the local market, it could make a significant impact on value. For instance, a homeowner in Denver may have upwards of $11,000 in additional equity they can access for home improvements or loan consolidation.

“One of the biggest lessons from the HPPI, is highlighting how regionalized real estate is,” said Bill Banfield, Quicken Loans Executive Vice President of Capital Markets. “Homeowners who have a better understanding of their local housing market can make more informed decisions about their home. After all, their house is not just where they live, but one of their bigger assets.”

Home Value Index (HVI)

Home values rose again in August, although at the slowest pace in 2017. The HVI, the only measure of home value changes based solely on appraisals, reported that home values increased 0.19 percent in August. Appraisals posted stronger growth when viewed at a year-over-year basis, increasing 2.64 percent. At a regional level, there was a slight downturn in home values in the South and East – dipping 0.52 percent and 0.58 percent, respectively. The Midwest and West regions each had rising appraisal values, increasing 0.16 percent and 1.34 percent.

“As the sun sets on the summer, some of the intense competition for housing also winds down,” said Banfield. “It’s important to focus on the annual numbers with the HVI. While there can be some monthly variations in the data, especially as seasons start to change, the annual numbers show healthy growth across the country.”

Chart

*A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

Chart

*A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

Chart

*A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

About the HPPI & HVI

The Quicken Loans HPPI represents the difference between appraisers’ and homeowners’ opinions of home values. The index compares the estimate that the homeowner supplies on a refinance mortgage application to the appraisal that is performed later in the mortgage process. This is an unprecedented report that gives a never-before-seen analysis of how homeowners are viewing the housing market. The HPPI national composite is determined by analyzing appraisal and homeowner estimates throughout the entire country, including data points from both inside and outside the metro areas specifically called out in the above report.

The Quicken Loans HVI is the only view of home value trends based solely on appraisal data from home purchases and mortgage refinances. This produces a wide data set and is focused on appraisals, one of the most important pieces of information to the mortgage process.

The HPPI and HVI are released on the second Tuesday of every month. Both of the reports are created with Quicken Loans’ propriety mortgage data from the 50-state lenders’ mortgage activity across all 3,000+ counties. The indexes are examined nationally, in four geographic regions and the HPPI is reported for 27 major metropolitan areas. All indexes, along with downloadable tables and graphs can be found at QuickenLoans.com/Indexes.

About Quicken Loans

Detroit-based Quicken Loans Inc. is the nation’s second largest retail home mortgage lender. The company closed more than $300 billion of mortgage volume across all 50 states between 2013 and 2016. Quicken Loans moved its headquarters to downtown Detroit in 2010, and now more than 17,000 team members from Quicken Loans and its Family of Companies work in the city’s urban core. The company generates loan production from web centers located in Detroit, Cleveland and Scottsdale, Arizona. The company also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked “Highest in Customer Satisfaction for Primary Mortgage Origination” in the United States by J.D. Power for the past seven consecutive years, 2010 – 2017, and highest in customer satisfaction among all mortgage servicers the past four years, 2014 – 2017.

Quicken Loans was ranked #10 on FORTUNE magazine’s annual “100 Best Companies to Work For” list in 2017, and has been among the top-30 companies for the past 14 consecutive years. The company has been recognized as one of Computerworld magazine’s ‘100 Best Places to Work in IT’ the past 13 years, ranking #1 for eight of the past twelve years including 2017. The company is a wholly-owned subsidiary of Rock Holdings, Inc., the parent company of several FinTech and related businesses. Quicken Loans is also the flagship business of Dan Gilbert’s Family of Companies comprising nearly 100 affiliated businesses spanning multiple industries. For more information and company news visit QuickenLoans.com/press-room.

Quicken Loans Study Shows Homeowners and Appraisers Don’t See Eye-to-Eye on Home Values

– Quicken Loans’ National HPPI shows appraised values 1.55% lower than homeowners estimated in July

– Home values rose 0.33% nationally in July, with a 4.21% year-over-year increase, according to the Quicken Loans HVI

Detroit, MI – Aug. 8, 2017 (PRNewswire) Homeowners across the country continue to view their property value higher than appraisers’ opinions. In July, the average spread between an owner’s estimate and the appraised value was 1.55 percent according to Quicken Loans’ National Home Price Perception Index (HPPI). Despite the national average, the range of perceptions varied across the country with valuations coming in higher than expected in some metro areas.

Quicken Loans Logo

Even with the varying opinions there has been a clear trend, with home values on the rise across the country. The Quicken Loans National Home Value Index (HVI) reported that appraised values increased an average of 0.33 percent from June to July. The growth is even stronger on a year-over-year basis, with home values rising 4.21 percent nationally from July 2016’s findings.

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Home Price Perception Index (HPPI)
The HPPI shows appraisers’ opinions fell short of homeowners’ expectations by 1.55 percent, in July. This shows a narrowing gap, as homeowner estimates in June were 1.70 percent lower than appraised values. HPPI tracks differing trends across the country as real estate often fluctuates on a local basis. On average, appraisals were higher than owner expectations – the inverse of the national trend – in some of the fastest growing housing markets, including Dallas and Denver. However, some metro areas in the Northeast and the Midwest regions reported appraised values lower than owner estimates at a higher rate than the national trend.

“The home appraisal is one of the most important data points in the mortgage process. It determines the level of equity the homeowner has and, if the owner’s estimate is too far from how the appraiser views the property, it can cause the mortgage to be restructured,” said Bill Banfield, Quicken Loans Executive Vice President of Capital Markets. “Our hope is that this index is eye-opening for homeowners. Their home equity could be thousands of dollars higher, or lower, than they realize. If they are aware of the perceived trends in their area it could help them better prepare for their home purchase or refinance.”

Home Value Index (HVI)
The National HVI, based solely on appraisal data, reported home values rose an average of 0.33 percent in July. The positive momentum was even more substantial for the annual measure, showing a 4.21 percent increase year-over-year. All of the areas measured also reported annual home value growth – ranging from a 2.65 percent annual increase in the Northeast to a 5.64 percent annual rise in value in the West.

“The regional differences in home value growth mirror the perception difference across the country. Areas with slower growth were more likely to have owners overestimating their home value, and areas with much stronger growth had higher appraisals than owners realized they would be,” said Banfield. “With home values constantly changing, and the rates of change varying across the country, this is one more way to show how important it is for homeowners to stay aware of their local housing market.”

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*A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

Chart

*A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

Chart

*A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

About the HPPI & HVI
The Quicken Loans HPPI represents the difference between appraisers’ and homeowners’ opinions of home values. The index compares the estimate that the homeowner supplies on a refinance mortgage application to the appraisal that is performed later in the mortgage process. This is an unprecedented report that gives a never-before-seen analysis of how homeowners are viewing the housing market. The HPPI national composite is determined by analyzing appraisal and homeowner estimates throughout the entire country, including data points from both inside and outside the metro areas specifically called out in the above report.

The Quicken Loans HVI is the only view of home value trends based solely on appraisal data from home purchases and mortgage refinances. This produces a wide data set and is focused on appraisals, one of the most important pieces of information to the mortgage process.

The HPPI and HVI are released on the second Tuesday of every month. Both of the reports are created with Quicken Loans’ propriety mortgage data from the 50-state lenders’ mortgage activity across all 3,000+ counties. The indexes are examined nationally, in four geographic regions and the HPPI is reported for 27 major metropolitan areas. All indexes, along with downloadable tables and graphs can be found at QuickenLoans.com/Indexes.

About Quicken Loans
Detroit-based Quicken Loans Inc. is the nation’s second largest retail home mortgage lender. The company closed more than $300 billion of mortgage volume across all 50 states between 2013 and 2016. Quicken Loans moved its headquarters to downtown Detroit in 2010, and now more than 17,000 team members from Quicken Loans and its Family of Companies work in the city’s urban core. The company generates loan production from web centers located in Detroit, Cleveland and Scottsdale, Arizona. The company also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked “Highest in Customer Satisfaction for Primary Mortgage Origination” in the United States by J.D. Power for the past seven consecutive years, 2010 – 2017, and highest in customer satisfaction among all mortgage servicers the past four years, 2014 – 2017.

Quicken Loans was ranked #10 on FORTUNE magazine’s annual “100 Best Companies to Work For” list in 2017, and has been among the top-30 companies for the past 14 consecutive years. The company has been recognized as one of Computerworld magazine’s ‘100 Best Places to Work in IT’ the past 13 years, ranking #1 for eight of the past twelve years including 2017. The company is a wholly-owned subsidiary of Rock Holdings, Inc., the parent company of several FinTech and related businesses. Quicken Loans is also the flagship business of Dan Gilbert’s Family of Companies comprising nearly 100 affiliated businesses spanning multiple industries. For more information and company news visit QuickenLoans.com/press-room.

Appraisal Values Lag Homeowner Expectations, Quicken Loans Study Shows

– Quicken Loans’ National HPPI shows appraised values were 1.90% lower than homeowners estimated in April

– Home values rose 1.06% nationally in April, with a 5.08% year-over-year increase, according to the Quicken Loans HVI

Detroit, MI – May 9, 2017 (PRNewswire) Homeowner and appraiser views of home values are diverging more each month. In April, appraisals were an average of 1.90 percent lower than what the owner expected, according to the National Quicken Loans Home Price Perception Index (HPPI). This is the fifth consecutive month the gap between appraiser opinions and homeowner estimates of home value widened.

Quicken Loans Logo

While the HPPI shows a widening perception gap, appraised values continue to rise at a steady pace. The National Home Value Index (HVI), the only measure of home value change based solely on appraisals, showed values rose 1.06 percent in April. Home values also increased when viewed annually, rising 5.08 percent year-over-year.

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Home Price Perception Index (HPPI)
Owner estimates of home values were higher than appraiser opinions by 1.90 percent, as reported by the national HPPI. This is compared to a 1.77 percent disparity between home value opinions in March. April marks the fourth month the spread between home value opinions widened nationally. A wide range of perceptions persists across the country, but month-to-month change in most metros was minor. The study continues to find appraised values higher than expected in the West, while it was more likely to have appraisals lower than owners estimated in the Midwest and East.

“The appraisal is one of the most important data points in a mortgage transaction. This single number can impact how much money a buyer needs to bring to closing, or the equity that is available to the homeowner on a refinance,” said Quicken Loans Vice President of Capital Markets, Bill Banfield. “If homeowners have a grasp on home value differences throughout their local area, it can lead to a smoother mortgage process.”

Home Value Index (HVI)
Home value growth not only continued, but accelerated in April. The National HVI showed appraisal values rose 1.06 percent from the previous month and increased 5.08 percent since April 2016. This is compared to 3.30 percent year-over-year growth in March. All regions measured by the HVI show positive momentum, ranging from 3.54 percent annual growth in the Northeast to a 6.52 percent year-over-year increase in the West.

“Home values were pushed higher once again by the demand for housing outpacing the stock of available homes. This effect is intensified by the start of the spring buying season,” Banfield said. “While sellers are obviously thrilled as their investment continues to grow in value, this trend could make homebuyers set their sights on smaller homes or less pricey neighborhoods. I would encourage homeowners who are considering listing their home to take advantage of the opportunity they have in this sellers’ market.”

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*A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

Chart

*A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

Chart

*A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

About the HPPI & HVI
The Quicken Loans HPPI represents the difference between appraisers’ and homeowners’ opinions of home values. The index compares the estimate that the homeowner supplies on a refinance mortgage application to the appraisal that is performed later in the mortgage process. This is an unprecedented report that gives a never-before-seen analysis of how homeowners are viewing the housing market. The HPPI national composite is determined by analyzing appraisal and homeowner estimates throughout the entire country, including data points from both inside and outside the metro areas specifically called out in the above report.

The Quicken Loans HVI is the only view of home value trends based solely on appraisal data from home purchases and mortgage refinances. This produces a wide data set and is focused on appraisals, one of the most important pieces of information to the mortgage process.

The HPPI and HVI are released on the second Tuesday of every month. Both of the reports are created with Quicken Loans’ propriety mortgage data from the 50-state lenders’ mortgage activity across all 3,000+ counties. The indexes are examined nationally, in four geographic regions and the HPPI is reported for 27 major metropolitan areas. All indexes, along with downloadable tables and graphs can be found at QuickenLoans.com/Indexes.

About Quicken Loans
Detroit-based Quicken Loans Inc. is the nation’s second largest retail home mortgage lender. The company has closed more than $300 billion of mortgage volume across all 50 states between 2013 and 2016. Quicken Loans moved its headquarters to downtown Detroit in 2010, and now more than 13,500 of its 16,000 team members work in the city’s urban core. The company generates loan production from web centers located in Detroit, Cleveland and Scottsdale, Arizona. The company also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit.

Quicken Loans ranked “Highest in Customer Satisfaction for Primary Mortgage Origination” in the United States by J.D. Power for the past seven consecutive years, 2010 – 2016, and highest in customer satisfaction among all mortgage servicers the past three years, 2014 – 2016. The company is owned by Rock Holdings, Inc., parent company of several FinTech businesses. Quicken Loans is also part of a Family of Companies comprising nearly 100 affiliated business spanning multiple industries. For more information, please visit QuickenLoans.com.

Homeowner Value Estimates Continue to Outpace Appraisals by a Widening Spread

– Quicken Loans’ National HPPI shows appraised values were 1.77% lower than homeowners estimated in March

– Home values rose 0.63% nationally in March, with a 3.30% year-over-year increase, according to the Quicken Loans HVI

Detroit, MI – April 11, 2017 (PRNewswire) Home values continued to rise in March, but not at the pace homeowners estimated across much of the country. On average appraisals were 1.77 percent lower than what homeowners expected, according to the Quicken Loans Home Price Perception Index (HPPI). This marks the fourth consecutive month the gap between homeowner estimates and appraiser opinions of value widened.

Quicken Loans Logo

Home values continued the upward movement of the last few months and maintained its positive trend which began in early 2012. Appraisals rose 0.63 percent from February to March, but showed strong growth of 3.30 percent year-over-year, according to Quicken Loans’ National Home Value Index (HVI).

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Home Price Perception Index (HPPI)

While home value perception varies across the country, The National HPPI shows a widening gap between what homeowners think their home is worth and the value appraisers assign. March is the fourth consecutive month of this growing trend, with appraisals 1.77 percent lower than homeowners’ estimates. On the other hand, appraisals are showing higher values than homeowners expected in some of the hottest housing markets, many of those on the West Coast.

“The national average shows appraisals lower than homeowner expectations, but some cities are bucking that trend,” said Quicken Loans Vice President of Capital Markets, Bill Banfield. “With prices sprinting forward in many of the booming housing markets in the West, it can be difficult for homeowners to keep up with appraisers, who are on the ground, examining real estate price changes every day. This study is one more reminder for consumers to keep an eye on their local market before selling or refinancing. The state of their local market could affect their home’s value – on either end of the spectrum.”

Home Value Index (HVI)

Quicken Loans’ HVI, the only measure of home value change based solely on appraisal data, showed another month of growth in March. Nationally, home values rose 0.63 percent from the previous month. When viewed annually, appraised values increase an average of 3.30 percent. The study showed the strongest monthly growth in the Northeast, with a 1.78 percent increase. However, the South had the fastest annual increase with a 4.67 percent rise in home values.

“Real estate signs are beginning to pop up, even before leaves appear on the neighborhood trees. As home selling season gets started across the country, enthusiastic buyers are battling for available homes,” said Banfield. “The increased attention to home sales has led to more competition for a relatively small inventory of homes, continuing to fuel the rising prices.”

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* A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

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* A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

Chart

* A positive value represents appraiser opinions that are higher than homeowner perceptions. A negative value represents appraiser opinions that are lower than homeowner perceptions.

About the HPPI & HVI

The Quicken Loans HPPI represents the difference between appraisers’ and homeowners’ opinions of home values. The index compares the estimate that the homeowner supplies on a refinance mortgage application to the appraisal that is performed later in the mortgage process. This is an unprecedented report that gives a never-before-seen analysis of how homeowners are viewing the housing market. The HPPI national composite is determined by analyzing appraisal and homeowner estimates throughout the entire country, including data points from both inside and outside the metro areas specifically called out in the above report.

The Quicken Loans HVI is the only view of home value trends based solely on appraisal data from home purchases and mortgage refinances. This produces a wide data set and is focused on appraisals, one of the most important pieces of information to the mortgage process.

The HPPI and HVI are released on the second Tuesday of every month. Both of the reports are created with Quicken Loans’ propriety mortgage data from the 50-state lenders’ mortgage activity across all 3,000+ counties. The indexes are examined nationally, in four geographic regions and the HPPI is reported for 27 major metropolitan areas. All indexes, along with downloadable tables and graphs can be found at QuickenLoans.com/Indexes.

About Quicken Loans

Detroit-based Quicken Loans Inc. is the nation’s second largest retail home mortgage lender. The company has closed more than $300 billion of mortgage volume across all 50 states between 2013 and 2016. Quicken Loans moved its headquarters to downtown Detroit in 2010, and now more than 13,500 of its 16,000 team members work in the city’s urban core. The company generates loan production from web centers located in Detroit, Cleveland and Scottsdale, Arizona. The company also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked “Highest in Customer Satisfaction for Primary Mortgage Origination” in the United States by J.D. Power for the past seven consecutive years, 2010 – 2016, and highest in customer satisfaction among all mortgage servicers the past three years, 2014 – 2016.

Quicken Loans was ranked #10 on FORTUNE magazine’s annual “100 Best Companies to Work For” list in 2017, and has been among the top-30 companies for the last 14 years. It has been recognized as one of Computerworld magazine’s ‘100 Best Places to Work in IT’ the past 12 years, ranking #1 for seven of the past eleven years including 2016. For more information, please visit QuickenLoans.com.