A team of ‘rocket scientists’ at Quicken Loans Inc. has created a digital home loan product that promises a hard approval and more in just eight minutes.
A news release Tuesday indicated that its new Rocket Mortgage
enables prospective borrowers to complete a simplified application online or on a wireless device.
The product was designed over the past three years by a team of
developers, designers, QA technicians and business analysts from Quicken’s QL Labs.
In addition to comparing customized loan terms utilizing real-time pricing, consumers can view their individualized three-bureau credit report, analysis and credit score, Quicken said. The report is presented in an easy-to-comprehend format.
Instead of manually submitting supporting documentation, customers will be able to import
and verify asset, property and income information through interfaces with numerous partners and databases.
Full approval on conventional loans and mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs is available “in minutes.”
In addition, customers can lock their interest rates.
Quicken noted that all loan documentation can be viewed online.
“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,” Bill Emerson, chief executive officer of the Detroit-based company, said in the statement.
