That puts them right behind banking giants like Wells Fargo and Chase in the race to control mortgage market share. Even with all of their success, the Quicken Loans application process has never been a fully online experience.
Yes, potential borrowers started the application process online.
Since most consumers are not mortgage experts, this is certainly one area where a human loan officer could help steer their client in the right direction.
It automates the verification process, eliminating the need to send all of your banking information to a human being (typically multiple times).
As somebody who has applied for several new mortgages and refinanced a handful of others, I can see how this new process could be a gigantic stress reliever and time saver.
For as much as it is an advantage, not having the opportunity to talk to a human loan officer could potentially be a disadvantage as well.
Because of the DIY nature of Rocket Mortgage, consumers may lose out by applying for a mortgage that isn’t necessarily the best choice for their situation.