In the year since launching Rocket Mortgage, a mobile platform allowing customers to apply for a mortgage or refinance a home, Detroit-based Quicken Loans Inc. today announced the company funded $7 billion of its total $96 billion in total closed loan volume in 2016 through Rocket Mortgage.
“Rocket Mortgage has forever changed the way people think about getting a mortgage,” says Jay Farner, CEO of Quicken Loans. “The product has been a success in so many ways, including its strong appeal to first-time homebuyers and ability to remove the intimidating and cumbersome aspects of the traditional mortgage process. Rocket Mortgage has become a significant part of our business and will continue to be a central driver of our growth.”
Farner adds that Rocket Mortgage’s rapid growth is also due to its appeal with a new generation of homebuyers, noting that in 2016, two thirds of Rocket Mortgage clients used it to finance a home purchase, and 80 percent of users were first-time buyers. Millennials were also found to be twice as likely to use Rocket Mortgage over the past year.
“While millennials are more likely to use Rocket Mortgage, we see strong adoption across all demographics,” says Regis Hadiaris, senior product manager of Rocket Mortgage. “Many consumers can’t, or simply won’t navigate the mortgage process solely within the limited timeframe of traditional business hours. They expect technology to service their demands and simplify their lives, whether it’s shopping, dating, arranging an Uber, trading their sneakers or even a complex infrequent transaction such as a home loan.”
Rocket Mortgage operates by including digital verification of client income, credit, assets, and property valuations via third-party electronic interfaces. The capability has enabled hundreds of thousands of homebuyers to eliminate paperwork from the mortgage process, ensuring accuracy for the lender and faster closing timeframes.
Quicken Loans is the nation’s second-largest retail home mortgage lender and has closed more than $300 billion of mortgage volume nationwide since 2013.