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BRAVO! Your messages are spot on! Thanks!
Quicken oversimplified the application process and created expectations that just can't be met. Especially that Quicken can't meet.
Because it’s a “self serving” app not a “self service” app. Quicken is dumbing down the role of an experienced LO for profit.
If you ever what the true underbelly view of the Mortgage lend I Nguyen business just ask an Appraiser…
If you ever want the underbelly vision of the Mortgage Lending business just ask an Appraiser….
If you ever want the underbelly vision of the Mortgage Lending business just ask an Appraiser….
I work primarily with one lender but observe what other lenders do. They follow a pattern of gathering documentation to qualify the borrower, ordering an appraisal to qualify the home, then putting it all together at the end in underwriting to finally issue loan documents, get them signed and fund the loan. Yesterday, because of communication problems between the lender and escrow I was asked to get a CPL (Closing Protection Letter) from escrow so we could close next week. Another cog in this endless process, but at least I learned something new. More Realtors should learn what is involved in this process, which will make it easier on the clients and make the process run more smoothly. Not sure about the Quicken Rocket Mortgage, but the idea is a good one. Everything is automated these days, why not the application process?
Great message Ryan Staci Hills, I would have shared it up until you started endorsing Quicken:) JK
The Big Short is a must see movie for anyone that cares or doesn't know what a Traunch or CDO is. And… My favorite line? "And now I have a boat." OMG, so many of those originators were out there not having a clue what they were "Selling",
This would have been a great piece to share if not for the over endorsement of quicken home loans.
Making mortgages an automated process is the equivalent of encourging sellers and buyers to conduct their transactions without real estate agents; it's just not a smart thing to do.
Tell that to Hilary. Have you ever had a borrower that could do it themselves on the net. Ask a realtor how that goes! Your Nuts. How is that quicken bonus anyway
So we are like "Deadpool"? A Hero, but in a nasty kind of way………
Mortgage lending it isn't rocket science but it does require human contact to provide sound, custom tailored advice. Quicken Loans may be fast but the veteran I spoke with to today was confused why they quoted a rate .50% higher than I quoted for his VA refi? While technology is wonderful it doesn't take the place of personal service. I wonder how Quicken Loan responds when the minister of a small Baptist church calls looking for guidance and assistance when a member of his congragation, who is blind, needs help refinancing her home loan? Nothing can replace sitting down at the kitchen table and discussing options to better serve the borrower's specific needs.