Rocket Mortgage by Quicken Loans launched today. What’s the big deal? Rocket Mortgage is promising mortgage approvals in about ten minutes simply by logging into its service using an iPhone. Matt Burns of TechCrunch posted a nicely written piece today entitled “This Could Be The Mortgage Industry’s iPhone Moment“.
According to TechCrunch’s article:
- It took five years and a team of 450 to build and over 1,000 people have touched it throughout its development.
- Quicken Loans is putting $100,000,000 behind Rocket Mortgage’s advertisement campaign.
- Parts of Rocket Mortgage’s service have been used by Quicken Loans clients over the past year.
Is Rocket Mortgage’s service as simple as Tech Crunch’s article purports it to be? Probably not. The mortgage loan process is complicated. Banks are notorious for continuing to ask for additional and updated documentation throughout the mortgage loan approval process.
Matt Burns’ disclosure may be the best part of the article.
I worked as a mortgage banker at Quicken Loans from 2007 to 2008 where I made more money blogging for Engadget in my cubical than selling mortgages.
Quicken Loans is a licensed mortgage broker in the Commonwealth of Massachusetts.
Are you a loan officer or mortgage broker? Have you used Rocket Mortgage as a consumer? What are your thoughts?