Detroit-based Quicken Loans has launched Rocket Mortgage, a redesigned process for applying and receiving home mortgage approval entirely online. Quicken Loans officials say the service allows customers to get full approval within eight minutes on conventional, FHA, or VA mortgages.
“Rocket Mortgage … brings simplicity and clarity to the home loan process like never before, while delivering solutions at unimaginable speed,” says Bill Emerson, CEO of Quicken Loans.
Emerson says more than 500 Detroit-based developers, designers, and technicians spent three years redesigning the process. With Rocket Mortgage, Emerson says customers can visually compare and customize interest rates, mortgage terms, monthly payments, and fees based on individual financial information. Customers will also be able to import and verify asset, property, and income information, eliminating the need to provide supporting loan documents manually.
Consumers also can lock in their interest rate and view all loan documentation and details online at anytime.
“Rocket Mortgage simplifies the largest, most complex, and important financial transaction most consumers experience in their lifetime,” says Linglong He, CIO of Quicken Loans. “The team effort to get this off the ground was extraordinary.”
Quicken Loans has closed $200 billion of mortgage volume across the United States since 2013. The company generates loan production from web centers located in Detroit, Cleveland, and Arizona, and also operates a centralized loan processing facility in Detroit, as well as in San Diego.