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Owner Perception of Home Values at Best Level in More Than Three Years

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– Quicken Loans’ National HPPI shows appraised values 0.33% lower than homeowners estimated in April

– Home values dipped 0.05% nationally in April, but posted a 6.47% year-over-year increase, according to the Quicken Loans HVI

Detroit, MI – May 8, 2018 (PRNewswire) Home appraisals are more likely be in line with, or even higher than, owners estimate. In April, appraised values were only 0.33 percent lower than what homeowners expected, according to the National Quicken Loans Home Price Perception Index (HPPI). The positive trend is apparent at the local level as well. Only five of the 27 metro areas observed in the HPPI reported appraisals lower than what owners estimated.

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While they are more in line with what owners expected, home values are continuing their ascent over last year’s level. The National Quicken Loans Home Value Index (HVI) reported a healthy 6.47 percent year-over-year increase, despite near stagnant monthly change, with a 0.05 percent dip in home values since March.

Home Price Perception Index (HPPI)

Homeowners are less likely to get a rude awakening when going through mortgage process. When viewed at a national level, the HPPI shows appraisers’ opinions of home value is an average of 0.33 percent lower than homeowners’ estimates. This is a move closer to equilibrium and the closest the national appraiser and owner opinions have been in more than three years. Homeowner opinions are also improving when viewed locally. Less than 20 percent of the areas measured have appraisal values lower than estimated. San Jose is leading the way with the average appraisal 2.75 percent higher than expected and Chicago is trailing all cities with appraisals an average of 1.68 percent lower than estimated.

“The appraisal is one of the most important, although sometimes least predictable, parts of the mortgage process,” said Bill Banfield, Quicken Loans Executive Vice President of Capital Markets. “The Home Price Perception Index is a way to illustrate the differences of opinion, and these differences affect everything from the type of mortgage a borrower can get to the expectations a seller has about the proceeds available upon sale of their home.”

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Home Value Index (HVI)

The Quicken Loans HVI, the only measurement of home value changes based solely on appraisal data, showed annual growth in the national index, increasing 6.47 percent from this time last year. Monthly changes were more tempered, with the national index dipping 0.05 percent. The national index was pulled into the negative by the Northeast, the only region showing a decrease in home value at a 1.24 percent decline. The Northeast was still the lowest when reviewing annual changes however all regions were positive – ranging from the Northeast’s 2.22 percent growth to the 9.44 percent jump in the West.

“The skyrocketing home values in the West is a trend with no end in sight. Until home building pace picks up, in combination with more existing homes being listed for sale, affordability will continue to wane,” Banfield said. “The other regions of the country are showing annual price gains as well but at a more moderate pace. Time will tell if the slightly higher interest rates in 2018 start to slow demand or if the inventory shortage ends up being a larger contributor to price changes.”

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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.

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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.

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 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. Today, Quicken Loans and its Family of Companies employ more than 17,000 full-time team members in Detroit’s urban core. The company generates loan production from web centers located in Detroit, Cleveland and Phoenix. Quicken Loans 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 the country for customer satisfaction for primary mortgage origination by J.D. Power for the past eight consecutive years, 2010 – 2017, and also ranked highest in the country for customer satisfaction among all mortgage servicers the past four consecutive years, 2014 – 2017.

Quicken Loans was once again named to FORTUNE magazine’s “100 Best Companies to Work For” list in 2018 and has been included in the magazine’s top 1/3rd of companies named to the list for the past 15 consecutive years. The company was also named the #1 place to work in technology in 2017 by Computerworld magazine’s “100 Best Places to Work in IT,” a recognition it has received 8 times in the past 12 years.

Quicken Loans’ 1st Quarter Mortgage Volume Solidifies its Position as America’s Largest Residential Lender

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Detroit-based lender’s proprietary technology and award-winning client service leads to further market share gains

Detroit, MI – May 2, 2018 (PRNewswire) Quicken Loans has extended its lead as America’s largest mortgage lender, originating $20.5 billion in home loan volume during the 1st quarter of 2018, which increases its lead on the next largest competitor by more than $4 billion in volume. This marks the second consecutive quarter the Motown mortgage lender has topped the list of more than 30,000 lenders nationwide.

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Quicken Loans’ origination volume was an increase of 5 percent year-over-year in the 1st quarter. This growth comes at a time when many of the industry’s largest players continue to face strong headwinds as they deal with the effects of rising interest rates, an expensive cost structure, and the need for significant capital investment into technology and talent development.

“Quicken Loans is focused on the same things that have differentiated us for many years. We are committed to our unique culture, investing in our talented people, leading technology, and our unparalleled client experience,” said Jay Farner, Quicken Loans CEO. “Rocket Mortgage is game-changing technology, but it’s just the beginning. Our most innovative technology, that will continue to disrupt the home lending and home buying industry, will be rolled out in the near future. Everything that we do is focused on improving the experience and satisfaction of our clients during the most important and largest investment of their lives.”

Rocket Mortgage, the first completely online and fully personalized mortgage experience, is no longer a stand-alone product. Quicken Loans has been integrating technology that was once exclusive to the Rocket Mortgage experience across its entire business. 98% of the company’s volume in the first quarter accessed the Rocket Mortgage platform during the processing and closing of their mortgage.

Whether clients choose to start the process directly online at RocketMortgage.com, or with the expert help of our talented mortgage bankers, this integration allows clients to leverage the efficiency and speed of Rocket Mortgage, providing instant approvals and shaving days – or even weeks – off the time from application to closing. Rocket Mortgage technology has allowed clients to go from creating an account to signing closing documents in as few as 8 days on a refinance, and 16 days on a purchase.

Quicken Loans is always finding new ways to improve speed and transparency for its clients. An important step in that process is ending the mortgage experience the same way it starts – digitally. Quicken Loans successfully e-closed its first loan in late 2017, when a client accessed all of their information and legal documents on a mobile tablet. In addition, in February, a Quicken Loans client participated in the first remote online notarization – closing on a mortgage with the notary present via video chat. As a result, the entire mortgage process from application to closing was done digitally.

Rocket Mortgage has been especially popular with first-time home buyers, translating to record purchase mortgage volume in Q1.

Quicken Loans continues to invest in connecting with current and future homebuyers. In addition to reaching the 100 million+ viewers of Super Bowl LII, the Quicken Loans brand was recently featured in a major motion picture release during Marvel Studios’ Avengers: Infinity War. The national lender is also in the middle of its third PGA TOUR season with pro golfer Rickie Fowler. Additionally, the company entered the fast-growing esports world, by sponsoring 100 Thieves and the Cavs Legion, two of the country’s most exciting professional video gaming teams.

*1st quarter 2018 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 originating lenders who handled all consumer communication and interaction, processed, closed and funded the loan.

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. Today, Quicken Loans and its Family of Companies employ more than 17,000 full-time team members in Detroit’s urban core. The company generates loan production from web centers located in Detroit, Cleveland and Phoenix. Quicken Loans 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 the country for customer satisfaction for primary mortgage origination by J.D. Power for the past eight consecutive years, 2010 – 2017, and also ranked highest in the country for customer satisfaction among all mortgage servicers the past four consecutive years, 2014 – 2017.

Quicken Loans was once again named to FORTUNE magazine’s “100 Best Companies to Work For” list in 2018 and has been included in the magazine’s top 1/3rd of companies named to the list for the past 15 consecutive years. The company was also named the #1 place to work in technology in 2017 by Computerworld magazine’s “100 Best Places to Work in IT,” a recognition it has received 8 times in the past 12 years.

Owner and Appraiser Opinions of Home Values Inch Closer To Equilibrium

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– Quicken Loans’ National HPPI shows appraised values 0.53% lower than homeowners estimated in February

– Home values dipped 0.07% nationally in February, but posted a 6.37% year-over-year increase, according to the Quicken Loans HVI

Detroit, MI – March 13, 2018 (PRNewswire) The trend of home value opinions from appraisers and owners moving ever-closer together resumed in February, after taking a step back the previous month. The National Quicken Loans Home Price Perception Index (HPPI) showed appraisal values in February were an average of 0.53 percent below homeowner estimates. This is the fifth consecutive month the gap between the two values has been less than 1 percent.

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Home appraisal values were nearly flat in February, posting a 0.07 percent dip from January, according the National Quicken Loans Home Value Index (HVI). Appraisal values jumped 6.37 percent compared to February 2017, which is a smaller annual increase than in January, when values were 7.03 percent higher than the previous year.

Home Price Perception Index (HPPI)

Appraisals continue to fall short of owner expectations, however, the difference between the two data points is shrinking. The Quicken Loans HPPI reported appraiser opinions of home values were an average of 0.53 percent lower than what owners expected, at a national level. Bucking the national trend, more than three quarters of metro areas measured have appraisal values that are higher than owner estimates. The leader among them is Dallas, with appraisals an average of 2.72 percent higher than expected.

“The Home Price Perception Index is a perfect example of how localized housing is across the country,” said Bill Banfield, Quicken Loans Executive Vice President of Capital Markets. “The fact that appraisals are showing home values nearly three percent higher than expected in Dallas, but the average appraisal is lower than the owner estimates by almost 2 percent in Philadelphia, illustrates this to a tee. Dallas is an incredibly hot housing market right now and appraisers are seeing just how fast home values are climbing. When shopping for a home, or even refinancing a current mortgage, consumers should always keep the changes in their local market in mind before estimating a home’s value.”

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Home Value Index (HVI)

The Quicken Loans HVI reported that annual home equity continued its ascent in February, but the pace slowed slightly. Appraisal values increased 6.37 percent compared to February 2017, despite a monthly decrease of just 0.07 percent. The West was the only region with a monthly drop in home values, showing a 1.87 percent decrease from January to February. On the other hand, the Midwest had the largest gain in year-over-year home value growth, showing a 7.23 percent jump from February 2017.

“With little movement in the HVI data from January to February, it’s clear the same narrative from the beginning of the year remains,” said Banfield. “Low home inventory continues to be a drag on the housing market. As the economy grows and more consumers are in the right place financially to purchase a home, the high demand is driving prices up. As we move into the spring selling season, all eyes will be on whether today’s strong economy can support the higher prices.”

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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 largest 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.