In the eight minutes it takes a space shuttle to reach orbit, Americans will now be able to receive a full mortgage approval online with Rocket Mortgage by Quicken Loans. More than 500 Detroit-based developers, designers, QA technicians and business analysts from QL Labs—Quicken Loans’ technology innovation team—have worked for over three years to completely redesign the highly complex mortgage process. Rocket Mortgage brings the home loan experience to the fingertips of consumers whether they are at their desktops or using a mobile device.
“Quicken Loans has been the clear leader in mortgage technology for almost two decades. We changed the mortgage industry when we created the first 50-state online retail lending platform that has since helped millions of Americans achieve their home financing goals, while experiencing the best client service in the nation,” said Bill Emerson, Quicken Loans chief executive officer and chairman of the Mortgage Bankers Association (MBA). “Today, we took another monumental leap forward with the launch of Rocket Mortgage, which brings simplicity and clarity to the home loan process like never before, while delivering solutions at unimaginable speed.”
Rocket Mortgage users will:
►Experience the cleanest, easiest and quickest mortgage application ever created, complete with e-signature.
►Visually compare and customize interest rate, mortgage term, monthly payment and fees based on individualized financial information and goals and current underwriting guidelines for numerous products with real-time pricing.
►View their individualized three-bureau credit report, analysis and score in a format that is concise, understandable and digestible.
►Import and verify asset, property and income information – all online via proprietary interfaces designed by QL Labs with numerous partners and databases throughout the country, eliminating the need for consumers to provide supporting loan documents manually.
►Receive full approval in minutes on conventional, FHA or VA mortgage products with the click of a button from Quicken Loans’ proprietary interface to agency underwriting engines.
►Lock their interest rate.
►Conveniently view all loan documentation and details online, anytime, anywhere. Users no longer need to rely on information relayed over the telephone, email, face-to-face or through the mail.
“Rocket Mortgage simplifies the largest, most complex and important financial transaction most consumers experience in their lifetime,” said Linglong He, Quicken Loans chief information officer. “Our team at QL Labs has worked tirelessly to ensure that Rocket Mortgage users have the same award-winning experience that has made Quicken Loans an eight-time J.D. Power top-rated mortgage lender for client satisfaction. This is one of the biggest breakthroughs in financial technology history, born and built in downtown Detroit. The team effort to get this off the ground was extraordinary.”
