According to ATTOM Data Solutions’ 2018 Rental Affordability Report, “buying a median-priced home is more affordable than renting a three-bedroom property in 240 of 447 [or 54% of] U.
Dec 1 2015 17170 1
DIY Mortgage Applications
DAILY REAL ESTATE NEWS | MONDAY, NOVEMBER 30, 2015
Quicken Loans recently announced a bold new move in the mortgage business: A self-service mortgage application, what some in the media are saying 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 this system, Quicken Loans only allowed consumers to do basic calculations and gather loan quotes online. This program goes further, allowing the clients to do all the work themselves.
Read more: More Home Buyers Bypass Banks for Loans
After consumers fill out their information online, they will be given product options that are “completely personalized based on the way they answer the questions and the data they import” from their bank, 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.”
Quicken Loans is still maintaining its signature call centers for those who prefer in-person.
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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