Quicken Loans issued a press release last week stating that they will be launching a new product dubbed Rocket Mortgage, which will allow consumers to receive "full mortgage approval online" in eight minutes.
 | According to Quicken Loans, "Rocket Mortgage simplifies the largest, most complex and important financial transaction most consumers experience in their lifetime," Potential home buyers will be able to apply, compare rates, view their credit report, receive full approval on various loan types (conventional, FHA, or VA), lock interest rate, and view all documentation online. Traditionally, the mortgage process often involves a series of steps, documentation to back up finances, and |
in-person meetings with mortgage lenders. Rocket Mortgage claims that it will be able to pull a potential customer's financial information based on some basic information (birth date and social security number) with no manual uploading of documents required.
A New York Times article clarifies that there are other companies who have made headway into automation of the process (see: SoFi, Sindeo, and Lenda). However, Quicken has managed a larger scale attempt that warrants recognition as an industry benchmark. But borrowers should not be fooled -- apparently, they won't avoid live-representative contact completely, because Quicken will have a team of telemarketers ready to follow up with them.
One thing is for sure, this is a giant lead forward for the mortgage industry.
A New York Times article clarifies that there are other companies who have made headway into automation of the process (see: SoFi, Sindeo, and Lenda). However, Quicken has managed a larger scale attempt that warrants recognition as an industry benchmark. But borrowers should not be fooled -- apparently, they won't avoid live-representative contact completely, because Quicken will have a team of telemarketers ready to follow up with them.
One thing is for sure, this is a giant lead forward for the mortgage industry.
