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.

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.

Chart

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.

Chart

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.

Chart

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.

Perception Is Everything: Quicken Loans Study Finds Appraisers View Home Values Nearly 2% Lower Than Owners Estimate

– Quicken Loans National HPPI: appraised values were 1.93% lower than homeowners estimated in June.

– Home values increased 0.84% in June and rose 4.47% year-over-year, according to the national HVI.

Detroit, MI – July 12, 2016 (PRNewswire) Quicken Loans, the nation’s second largest retail mortgage lender, today announced home values assigned by appraisers were 1.93 percent lower than what homeowners estimated in June, according to the company’s national Home Price Perception Index (HPPI). The difference between value perceptions from appraisers and owners has slightly widened since May, when appraised values were 1.89 percent lower than expected.

Quicken Loans

Home valuations across the country rose in June, as reported by the Quicken Loans Home Value Index (HVI). The average home appraisal increased 0.84 percent since May and enjoyed a 4.47 percent boost since June 2015.

National Home Price Perception Index

Home Price Perception Index (HPPI)

The June HPPI shows appraised values are 1.93 percent lower nationally than what homeowners estimated. While this isn’t a large discrepancy, the gap between expected and actual appraisal values grew slightly since May. The perception of home value varies widely across the country. Appraisals show home values higher than owner expectations by as much as 3 percent in Denver but, in contrast, were more than 3 percent lower in Baltimore, Detroit and Philadelphia.

“Perception is everything. It can make or break a home sale or mortgage refinance,” said Quicken Loans Chief Economist Bob Walters. “That’s why it’s so important for homeowners to realize how they perceive their home’s value could vary widely from how an appraiser views it. If the estimate is lower by just a few percentage points, the buyer could need to bring as much as another several thousand dollars to the table to avoid having to restructure the loan.”

Home Value Index (HVI)

Continuing the slow upward march, appraised values rose by 0.84 percent from May to June – as measured by the national HVI. Home values are making stronger annual gains, rising 4.47 percent since June 2015. The regional data shows equally robust growth. Each of the four regions measured displayed modest monthly gains and more meaningful year-over-year growth. The West remains the leader with a 5.84 percent annual increase in appraised value. The Northeast posted the smallest increase with a rise of 2.07 since last year.

“Nationally, home value increases are well within the healthy range,” said Walters. “Although, the variances across the country can influence owners’ perception. Owners in the West, where appraised values are rising more quickly, tend to underestimate their home’s value. The opposite is true for those in the Northeast, with appraised values showing slower growth.

Table 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.

Table 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.

Table 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 $220 billion of mortgage volume across all 50 states since 2013. Quicken Loans 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 six consecutive years, 2010 – 2015, and highest in customer satisfaction among all mortgage servicers in 2014 and 2015.

Quicken Loans was ranked No. 5 on FORTUNE magazine’s annual “100 Best Companies to Work For” list in 2016, and has been among the top-30 companies for the last 13 years. It has been recognized as one of Computerworld magazine’s ‘100 Best Places to Work in IT’ the past 12 years, ranking No. 1 in 2016, 2015, 2014, 2013, 2007, 2006 and 2005. The company moved its headquarters to downtown Detroit in 2010, and now more than 10,000 of its 15,000 team members work in the city’s urban core. For more information about Quicken Loans, please visit QuickenLoans.com, on Twitter at @QLnews, and on Facebook at Facebook.com/QuickenLoans.

Owner Optimism Outpaces Home Appraisals In Latest Quicken Loans Study

— Nationally, appraised values were nearly 2.17% lower than homeowner expectations.

— Home values increased 0.29% in March and rose 4.77% year-over-year, according to the national HVI.

DETROIT, April 12, 2016 (PRNewswire) Quicken Loans, the nation’s second largest retail mortgage lender, today announced home values, as determined by appraisers, were an average of 2.17 percent lower than what homeowners expected in March according to the company’s proprietary national Home Price Perception Index (HPPI).

Quicken Loans Logo

Additionally, home values continued to slowly climb in March. The Quicken Loans Home Value Index (HVI), the only measure of home values based solely on recent home appraisals, shows valuation nudged up 0.29 percent since February, and are up 4.77 percent year-over-year nationwide.

Home Price Perception Index (HPPI):

The HPPI again showed homeowners were a bit more optimistic about their home’s value relative to valuations provided by professional home appraisers. Appraisals in March showed valuation an average of 2.17 percent lower than what homeowners estimated at the beginning of their refinance. The spread between the two values widened in March, compared to February’s appraisals which were 1.99 lower than what homeowners expected. When viewed at a metro area level, the HPPI varies widely across the country. Areas within the West region continued to stand out with several locations averaging appraised values beyond what homeowners were expecting, while all Midwestern metro areas show appraisals lagging behind homeowner estimates.

“The varying HPPI values across the country illustrates the importance of examining the market at the local level,” said Quicken Loans Chief Economist Bob Walters. “If homeowners are eyeing that new home being built across town, they could be pleasantly surprised how much their home will sell for – or in some instances their equity may not take them as far as they think – depending on what area of the country they’re in.”

Graph

Home Value Index (HVI):

Home values grew in March, with appraised values increasing 0.29 percent and growing 4.77 percent since the previous year, according to the National HVI. This continues a trend of rising home values we have been in since early 2012. The monthly change is more volatile – ranging from a 0.67 percent dip in the Midwest to a 1.52 percent climb in the West – but all four regions studied saw annual increases in appraised values.

“It’s not always easy for homeowners to keep their finger on the pulse of their equity,” said Walters. “This data shows homes have continued to increase in value since the depths experienced after the last recession. Those increases mean far fewer Americans have negative equity in their homes. This increases their mobility and is a positive development for all segments of the housing market.”

Table 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.

Table 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.

Table 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 $220 billion of mortgage volume across all 50 states since 2013. Quicken Loans 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 six consecutive years, 2010 – 2015, and highest in customer satisfaction among all mortgage servicers in 2014 and 2015.

Quicken Loans was ranked No. 5 on FORTUNE magazine’s annual “100 Best Companies to Work For” list in 2016, and has been among the top-30 companies for the last 13 years. It has been recognized as one of Computerworld magazine’s ‘100 Best Places to Work in IT’ the past 11 years, ranking No. 1 in 2015, 2014, 2013, 2007, 2006 and 2005. The company moved its headquarters to downtown Detroit in 2010, and now more than 10,000 of its 15,000 team members work in the city’s urban core. For more information about Quicken Loans, please visit QuickenLoans.com, on Twitter at @QLnews, and on Facebook at Facebook.com/QuickenLoans.