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Quicken rolls out DIY mortgage applications

NEW YORK – Dec. 1, 2015 – Quicken Loans recently announced a new move in the mortgage business: The self-service mortgage application. Some media reports say it makes applying for a mortgage nearly “as easy as ordering a pizza.”
Its new system, called Rocket Mortgage, allows consumers to fill out information online that they would typically give to a salesperson in-person. Prior to Rocket Mortgage, Quicken only empowered consumers to do basic calculations and gather loan quotes online. The latest program allows clients to do all the work themselves.
After consumers fill out information online, they receive mortgage product options that are “completely personalized based on the way they answer the questions and the data they import” from their bank, according to Regis Hadiaris, the Rocket Mortgage product lead, told National Mortgage News. Hadiaris says this can speed the underwriting process. After receiving loan options, clients can click a button to see if they are approved contingent on underwriting and, if so, they can lock in the rate themselves.
“Up until now [consumers] had to talk to a mortgage banker to get that personalized information and get their options,” Hadiaris says. “Now they can see all their options online. … All the power and control is in our clients’ hands.”
Once a buyer finishes the mortgage application process, they can pick the terms of their loan – a payoff span between eight and 30 years, for example. They can also adjust loan pricing by reducing costs or their rate. Once done, they click a button to find out if their loan is approved. If it is, they can lock in the rate.
Quicken Loans is still maintaining its signature call centers for those who prefer in-person, and it provides an escape hatch for online appliers who get scared: At any step of the process, applicants can click a link if they want to talk to an actual human being.
Source: “Quicken Loans Introduces Self-Service Application Option,” National Mortgage News (Nov. 24, 2015) and “Applying for a Mortgage Could Be (Almost) as Easy as Ordering a Pizza,” realtor.com® (Nov. 25, 2015)
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Source: Florida Realtors Feed

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