Quicken Loans Mortgage Review 2020

Quicken Loans becomes Rocket Mortgage

Innovation surpasses the innovator. Rocket Mortgage is quickly achieving a status in the industry that may soon eclipse its parents’ notoriety if it hasn’t already.

Any conversation NerdWallet has had with the executives of Quicken Loans is dominated by references to Rocket. But many borrowers – Quicken Loans officials say “the majority” – still access the lender’s services the traditional way: with an old-fashioned phone call.

Regardless of the nameplate, the integration between the two channels seems practically perfect. This gives users the advantage of being able to choose how to interact with the lender.

Quicken Loans mortgage products

Quicken Loans offers a comprehensive selection of fixed and adjustable rate home loans, mortgage refinances, FHA, USDA and VA loans, and jumbo loans for higher priced homes.

What is the “non-banking” difference? Like almost all non-depository lenders, Quicken Loans does not offer home equity loans or home equity lines of credit. Since they do not have the capital of bank deposits to finance mortgage loans, non-bank lenders sell loans to investors. The industry’s biggest investors, government-sponsored Fannie Mae and Freddie Mac, don’t buy mortgage products.

Although Quicken Loans does not offer reverse mortgages, an affiliate, One Reverse Mortgage does. Reverse mortgages are often used by older homeowners to use their home equity to plan for retirement.

Speed ​​up loan refinancing

Like many lenders, especially in recent years, Quicken Loans has made vigorous efforts to win the refinance. The ubiquitous online ads urging homeowners to “switch to a 15-year fixed mortgage” were part of an ongoing marketing campaign.

The mortgage business of Quicken Loans has been recognized for its efforts with the highest volume of mortgage refinancing loans of any lender in the country as outlined in the Mortgage Disclosure Act of 2018.

Tap the Refinance button on the Quicken Loans home page to access the Rocket Mortgage user interface, where you will be asked to specify your refinancing goal: withdraw money, reduce payments, or shorten the term. of the loan.

You will need to create an account to continue.

Quicken Loans Customer Service

Despite all the attention paid to home loan technology, Quicken Loans says most clients start and end the mortgage process over the phone with a banker. More than 3,000 mortgage lenders are ready to help, says Joel Gurman, executive vice president of mortgage banking.

“From the borrower’s perspective, they have a single point of contact. This licensed banker will be the same person they talk to throughout the process, ”says Gurman.

Quicken Loans mortgage process

My Quicken Loans, or MySQL, the original application for Quicken Loans borrowers, has been dropped. Rocket Mortgage now serves as an online link for the paperwork section of the process.

“If the client has time to review their pre-approval letter or loan application documents, they will be referred to Rocket Mortgage for registration, review, and electronic signature,” says Regis Hadiaris. , the product manager of Rocket Mortgage.

Rocket can verify employment, income, and financial assets by accessing direct deposit information provided by 98% of financial institutions in the United States, that is when you use direct deposit for your salary. Alternatively, income and employment information for about 60% of U.S. workers can be imported through employer databases.

Gurman says mortgage bankers use the same technology to provide faster processing and a shorter time to close the loan.

Fast loan rate

Quicken Loans mortgage fees are on average about 0.50% of the loan amount. State mortgages that are backed by the FHA, VA, or USDA may be a little higher, but according to Quicken Loans, your lender fees will not exceed 1% of the amount.