{"id":275,"date":"2017-01-22T02:37:20","date_gmt":"2017-01-22T02:37:20","guid":{"rendered":"https:\/\/blogs.scu.edu\/finis\/?p=275"},"modified":"2017-01-22T02:37:20","modified_gmt":"2017-01-22T02:37:20","slug":"rocket-mortgage-redifining-digital-mortgage","status":"publish","type":"post","link":"https:\/\/blogs.scu.edu\/finis\/2017\/01\/22\/rocket-mortgage-redifining-digital-mortgage\/","title":{"rendered":"Rocket Mortgage: Redifining Digital Mortgage"},"content":{"rendered":"<p style=\"text-align: left\">Rocket Mortgage is a super fast service portal of the company Quicken Loans, which caters to\u00a0self-service users who want to apply for a home loan without talking to loan officers. It&#8217;s only a tool that collects information such as pay stubs, bank statements and tax returns to calculate how much money you are eligible to loan, and not a money lender itself, despite being called rocket-&#8216;mortgage&#8217;.<\/p>\n<p style=\"text-align: left\">Although I wouldn&#8217;t say that you get the best deals out there, I feel it makes the lending business more transparent by helping you steer clear of lenders with low advertised rates but &#8220;fine-print disclaimers&#8221;.<\/p>\n<p style=\"text-align: left\">How it works:<\/p>\n<ul style=\"text-align: left\">\n<li>When you make your profile with rocket mortgage, it can instantly verify employment and income details for more than 60% of working Americans.<\/li>\n<li>With your authorization, it downloads asset statements from 95% of U.S. financial institutions. This helps you easily fill personal information and click &#8220;See my Solution&#8221;<\/li>\n<li>The app displays a customized loan amount you\u2019ll qualify for within minutes based on your credit score and debt-to-income ratios.<\/li>\n<li>Slider bars allow you to change the closing costs, loan term and interest rate. Then you click the \u201cSee If I\u2019m Approved\u201d button.<\/li>\n<li>Using automated data extraction (ADE) technology, lenders are able to verify checklists in minutes, cutting the time it takes to evaluate loan files by up to 80%. Thus re-defining traditional \u201cstare and compare\u201d approach to verifying data across several documents.<\/li>\n<li>If you\u2019re approved, first-time homebuyers FHA-backed loans. You can lock your interest rate and print out an approval letter, then go house hunting.<\/li>\n<\/ul>\n<p>Contrary to public hesitation, such developments in Fin-tech improves the mortgage experience by:<\/p>\n<ol style=\"text-align: left\">\n<li>Saving the client time, but limiting the use of\u00a0<a href=\"https:\/\/www.nerdwallet.com\/blog\/mortgages\/managing-your-mortgage\/how-to-refinance-with-a-low-credit-score\/\">alternative credit data<\/a>.<\/li>\n<li>Giving lenders easier access to borrower&#8217;s bank information<\/li>\n<li>Making approvals less prone to human error<\/li>\n<\/ol>\n<p style=\"text-align: left\">So to wrap it up, digital lending is here to stay because it created a whopping $79 billion in mortgages in 2015.<\/p>\n<p style=\"text-align: left\">References:<\/p>\n<ul>\n<li style=\"text-align: left\">http:\/\/www.housingwire.com\/articles\/36277-reasons-the-rocket-mortgage-actually-decreases-mortgage-risk<\/li>\n<li>http:\/\/www.mortgageorb.com\/expanding-the-definition-of-digital-mortgage<\/li>\n<li>https:\/\/www.nerdwallet.com\/blog\/mortgages\/quicken-loans-and-rocket-mortgage-review<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rocket Mortgage is a super fast service portal of the company Quicken Loans, which caters to\u00a0self-service users who want to apply for a home loan without talking to loan officers. It&#8217;s only a tool that collects information such as pay stubs, bank statements and tax returns to calculate how much money you are eligible to &hellip; <a href=\"https:\/\/blogs.scu.edu\/finis\/2017\/01\/22\/rocket-mortgage-redifining-digital-mortgage\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Rocket Mortgage: Redifining Digital Mortgage<\/span><\/a><\/p>\n","protected":false},"author":1805,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"qubely_global_settings":"","qubely_interactions":"","kk_blocks_editor_width":"","_kiokenblocks_attr":"","_kiokenblocks_dimensions":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-275","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"gutentor_comment":3,"qubely_featured_image_url":null,"qubely_author":{"display_name":"nora","author_link":"https:\/\/blogs.scu.edu\/finis\/author\/nora\/"},"qubely_comment":3,"qubely_category":"<a href=\"https:\/\/blogs.scu.edu\/finis\/category\/uncategorized\/\" rel=\"category tag\">Uncategorized<\/a>","qubely_excerpt":"Rocket Mortgage is a super fast service portal of the company Quicken Loans, which caters to\u00a0self-service users who want to apply for a home loan without talking to loan officers. It&#8217;s only a tool that collects information such as pay stubs, bank statements and tax returns to calculate how much money you are eligible to&hellip;","post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/users\/1805"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/comments?post=275"}],"version-history":[{"count":1,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/275\/revisions"}],"predecessor-version":[{"id":284,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/posts\/275\/revisions\/284"}],"wp:attachment":[{"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/media?parent=275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/categories?post=275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.scu.edu\/finis\/wp-json\/wp\/v2\/tags?post=275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}