![]() “We have clients who go all the way through the process online because they choose to, they love it. It changed the industry 17 years ago by going to a call center and then Web service rather than requiring applicants to go to a branch for a mortgage. Quicken Loans is the second largest mortgage lender in the country, after Wells Fargo, and it has been the top ranked mortgage lender by J.D. It recommends the best solutions based on everything we know about the client and they can customize the mortgage based on the length of the loan and the rate.” We had concepts and working prototypes and then went through a process of iteration. “We did extensive research all over the country, including different types of remote research. The team obsessed a lot on details of the experience to develop a product that can understand clients and recommend the best mortgage for them. They can move as fast or slow, stop at some point and then come back in and resume.” People can see the results change by using two sliders on a phone or tablet.Įight minutes to approval is the fastest the Rocket Mortgages team has seen, he added. “We keep it very simple on the interface,” said Hadiaris. Using Rocket Mortgage, buyers can scan though all the mortgages Quicken offers, from 8 years to 30 years, fixed and adjustable, buy-downs with points, and mortgages that fit VA, FHA or Fannie Mae. Then the system runs it through algorithms and determines the right mortgage.” “After we get the information we have to look at underwriting guidelines, mortgage products and the rates that are effective that day, and what client told us. We support over 95 percent of financial institutions, and the income platform is growing every month,” he added. “We have a network of public and private data sources that is expanding every month and we can match a person to their income and match to their bank and asset accounts. “Our goal is to have everyone's information on the platform,” said Hadiaris.
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