Dec 1 2015 17170 1

Dated: 12/01/2015

Views: 181

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)

Blog author image

Russ Chiodo

Russell Chiodo, GRI, CNE, CDPE Orlando, FL eXp Realty LLC, A-SAB 888-883-8509 x 145 Cell: 407-247-7531 Fax: 407-568-3493 [email protected] www.orlandoREO.com Bio: Russ is a Unit....

Latest Blog Posts

The Cost of Waiting!

The Cost of Waiting: Interest Rates Edition [INFOGRAPHIC] Friday August 17th, 2018THE NADEAU TEAM EXP REALTY407 247 1139www.searchflorida

Read More

For Sale: 8849 Villa View Circle

8849 Villa View Circle, Orlando FL 328212 Bed/2 Bath | $135,000Beautiful, spacious 2-bedroom 2 bath condo, in immaculate condition. Located on the second floor with private balcony. All appliances

Read More

11 Reasons Why Being a Real Estate Agent is Exactly Like Parenting!

While real estate agents are busy helping buyers and sellers navigate the often-rocky terrain of the real estate world, we put dozens of important skills to the test. Possessing an uncanny ability

Read More