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Advancement (and fall?) of fast foods mortgages.
To most of us, getting a mortgage is one of the greatest choices we will ever have to deal with. While my self-employment has made the whole thing a little more complicated than most others, I still don't think my way is out of line. Just think, you can get a mortgage in eight and a half hours.
The Rocket Mortgage, powered by Quicken Loans, is designed to provide a mortgage for the user to take out - and this is an effective mortgage, note it, not a choice in principal or a pre-approval - in less than ten minute time. At the beginning of the year Rocket Mortgage made news with their "Push Button, Get Mortgage" ad which made its debut during the Super Bowl.
Weigel was not the only one who drew a parallel between the Rocket Mortgage and the quick and easy mortgage policy that was a major driving force behind the collapse in the mid-00s. But Rocket hurried to say that a simpler mortgage request procedure does not mean in any way that they cannot avoid due care or grant high-risk credit.
Isn' the acceleration of the mortgage cycle really that severe? The application for a mortgage is a very tedious procedure. A lot of UK residents request credit via Wonga and QuickQuid with just a few fingertips of their iPhone. Service such as Intuit's US based turbo taxi allow individuals to create their income statements with a few snapshots of their income and income taxes and some other related information.
Is it a mortgage in a few moments with a portable application to get a nasty thing? The Rocket Mortgage models can be annoying, but its references certainly seem to verify. Returning to the Wonga example, it is generally assumed (whether real or not) that common people turn to the Wonga services because they can't get money anywhere else.
Whilst it doesn't seem that way, that's quite correct in this case - Rocket Mortgage started with a winking $100 million advertising drive and is clearly aiming to cover a large part of the mortgage industry - the point still is that consumers can be taken in by the speed and simplicity of the procedure without realizing that they might be able to do better business elsewhere.
What is really interesting about Rocket is the capability that the concept offers, and not the actual implementation of that concept. It' s not much of a long way to imagining that in the not too far off future we will be able to inject some validated information into an intelligent mortgage package that uses mortgage information and mortgage information to compute the best business on the basis of a prospective customer' income, spend patterns and so on.