DETROIT, Nov. 24, 2015 /PRNewswire/ -- In the eight minutes it takes a space shuttle to reach orbit, Americans will now be able to receive a full mortgage approval online with Rocket Mortgage by Quicken Loans (www.rocketmortgage.com). More than 500 Detroit-based developers, designers, QA technicians and business analysts from QL Labs - Quicken Loans' technology innovation team - have worked for over three years to completely redesign the highly complex mortgage process. Rocket Mortgage brings the home loan experience to the fingertips of consumers whether they are at their desktops or using a mobile device.
"Quicken Loans has been the clear leader in mortgage technology for almost two decades. We changed the mortgage industry when we created the first 50-state online retail lending platform that has since helped millions of Americans achieve their home financing goals, while experiencing the best client service in the nation," said Bill Emerson, Quicken Loans Chief Executive Officer. "Today, we took another monumental leap forward with the launch of Rocket Mortgage, which brings simplicity and clarity to the home loan process like never before, while delivering solutions at unimaginable speed."
Rocket Mortgage users will:
- Experience the cleanest, easiest and quickest mortgage application ever created, complete with e-signature.
- Visually compare and customize interest rate, mortgage term, monthly payment and fees based on individualized financial information and goals and current underwriting guidelines for numerous products with real-time pricing.
- View their individualized three-bureau credit report, analysis and score in a format that is concise, understandable and digestible.
- Import and verify asset, property and income information – all online via proprietary interfaces designed by QL Labs with numerous partners and databases throughout the country, eliminating the need for consumers to provide supporting loan documents manually.
- Receive full approval in minutes on conventional, FHA or VA mortgage products with the click of a button from Quicken Loans' proprietary interface to agency underwriting engines.
- Lock their interest rate.
- Conveniently view all loan documentation and details online, anytime, anywhere. Users no longer need to rely on information relayed over the telephone, email, face-to-face or through the mail.
"Rocket Mortgage simplifies the largest, most complex and important financial transaction most consumers experience in their lifetime," said Linglong He, Quicken Loans Chief Information Officer. "Our team at QL Labs has worked tirelessly to ensure that Rocket Mortgage users have the same award-winning experience that has made Quicken Loans an eight-time J.D. Power top-rated mortgage lender for client satisfaction."
"This is one of the biggest breakthroughs in financial technology history, born and built in downtown Detroit," added He. "The team effort to get this off the ground was extraordinary."
About Quicken Loans
Detroit-based Quicken Loans Inc. is the nation's second largest retail home mortgage lender. The company closed $200 billion of mortgage volume across all 50 states since 2013. Quicken Loans generates loan production from web centers located in Detroit, Cleveland and Scottsdale, Arizona. The company also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit. Quicken Loans ranked "Highest in Customer Satisfaction for Primary Mortgage Origination" in the United States by J.D. Power for the past six consecutive years, 2010 – 2015, and highest in customer satisfaction among all mortgage servicers in 2014 and 2015.
Quicken Loans was named among the top-30 companies on FORTUNE magazine's annual "100 Best Companies to Work For" list for the last 12 consecutive years, ranking No. 12 in 2015. It has been recognized as one of Computerworld magazine's '100 Best Places to Work in IT' the past 11 years, ranking No. 1 in 2015, 2014, 2013, 2007, 2006 and 2005. The company moved its headquarters to downtown Detroit in 2010, and now more than 10,000 of its 13,000 team members work in the city's urban core. For more information about Quicken Loans, please visit QuickenLoans.com, on Twitter at @QLnews, and on Facebook at Facebook.com/QuickenLoans.
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SOURCE Quicken Loans