In a previous post we spoke about the Quicken Rocket Loan which is basically an automated loan officer. Today we review your responses and dive a little deeper into the thought of it all.
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additional comments on "The Automated Loan Officer Continued"
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I’ve been doing “Rocket Loans” since 1987, using every bit of technology available to me as our industry has evolved. Issuing pre-approvals (real pre-approvals) is really easy and fast (duh – smart-phone, email, text, jpegs, pdf’s, etc. for document gathering)…
Hello Listing Agents: Unless you’re a Cleveland Cavaliers’ Fan, why would you accept an offer using an automated pre-approval from Detroit ?
I think this Rocket Mortgage is great. It will bring more potential buyers to the market that may have been aprehensive to start the process. Let Quicken pay for all of the marketing to do that. The facts will remain the same – (good)agents will ask that the buyer get a pre-approval with a local lender due their concerns with Quicken's abilities and thorough pre-approval process. (and there lies that good old CFPB issue of the agent steering the clients to someone they trust – but that is another topic). I'm sure we have all "stolen" deals from Quicken. In fact, as I am sure others have, I received a few buyers from the listing agents that know me, requesting for the buyers to get pre-aprpoved with me prior to accepting their offer since their pre-approval came from Quicken.
I have no ill-will towards Quicken. I think they have their niche. I think as more millenials move into the marketplace for homes they'll be researching everything online and most likely, trying apps for pre-approval such as Rocket Mortgage. So kudos to Quicken for spending the money and pushing the envelope. Unfortunately, the name baffles me and yes, I've seen the commerical that explains the name.Let's scare buyers and remind them that 'mort' means 'death' (deriving from Latin if I'm not mistaken – but what in our language isn't?). And then sweeten the name by adding ROCKET. So what you are saying is your clients are looking for a FAST DEATH?
We all know the process – it's not a fast death…it's a nice slow painful death…er, I mean it is a quick smooth process until we try to explain the CD to them.
IM Fletcher.
PS Have a nice day.
Hey Guys,
I work for Guaranteed Rate and we have the Digital Mortgage. It's a system where clients can complete their application, run DO, pull credit and get a pre-approval. But here's the catch: clients choose a loan officer or are assigned one and the moment they begin the application process we are alerted, and we jump in to answer any questions or wait until the application is complete and review/call them then. Not having to complete the application saves us time, and means that, in theory, we could continue the process via email and never speak to the client. But it doesn't mean that we aren't involved in the process. As many other viewers have noted, who out there has a normal file without at least one little issue these days?
It's a great piece of technology, but we are still a long way off from robo-lending.
Did anyone see the Redfin Ad? 1.5 lisiting commission on the screen
Ever call AT&T and get the “Robo” attendant???
“Press 1 for English, press two for Tagalong….etc
long pause
Press 1 for billing
press 2 for customer service
press 3 for $#%@#%#@#$%
,,,
…
…
I did not understand your response
…
…
press 1 to return to the main menu….”
Yeah….just what the consumer wants–more efficiency and less personal touch…
A smart operator will start now and develop their marketing drive towards just the opposite–providing a go to person–a name, a number and accountability.
Now there’s a concept…
I would definitely be hesitant about excepting a prequel all or preapproval that was done through in order made it system. There is a lot more to it than that
I WAS an approved Quicken wholesale broker for a few years. I would upload my file to their portal and they would send me their "Rocket" approval within 30 minutes, so it is no surprise they are now "marketing" their "Rocket" hype to retail consumers……
The last "Rocket" approval I received was for a long time loyal client doing a cash out refi to buy a piece of land. Things were going well, too well for weeks, as our approval conditions including the tax returns were checked off, UNTIL a week before the borrower had to close on her land purchase.
My "Rocket" approval "Quickenly" fell out of the sky when the mysterious underwriter whom I could never talk to, realized an error on the income analysis-something that was supposedly "cleared" early on. We got the loan eventually closed but with much labor pains by myself as the broker, and the borrower who was not happy at all.
This was my last loan with Quicken and I gave them the pink slip…
It is one thing for us professionals to carry the stress of NEVER being able to talk to the U/W, as was the case with Quicken Wholesale, but I don't thnk the consumer is going to like it.
As a result, my local Realtors are telling their frustrated online Rocket Quicken "approved" buyers to sign up with a local broker like myself who can shop for the best package and support our local economy to get the job done.
P.s. I did not give Quicken a complete pink slip-I still like their accounting software….
We have similar technology here at Skyline, that allows use to streamline the process in a compliant way. The difference is our rockets are manned by experienced LO astronauts. Who is the listing agent going to call to determine which offer is stronger, a computer?