Rocket Mortgage boosted Quicken Loans to a record-breaking year in 2016, funding $7 billion of a record $96 billion in total closed loan volume, the company recently announced. Rocket Mortgage’s closed volume alone, according to the company, would rank it a top 30 national mortgage lender in the U.S. Two-thirds of Rocket Mortgage clients in 2016 used the product to finance a home purchase, with 80 percent being first-time homebuyers.
“Rocket Mortgage has forever changed the way people think about getting a mortgage,” says Jay Farner, CEO of Quicken Loans. “The product has been a success in so many ways, including its strong appeal to first-time homebuyers and ability to remove the intimidating and cumbersome aspects of the traditional mortgage process. Rocket Mortgage has become a significant part of our business and will continue to be a central driver of our growth.”
“While millennials are more likely to use Rocket Mortgage, we see strong adoption across all demographics,” says Regis Hadiaris, senior product manager of Rocket Mortgage. “Many consumers can’t, or simply won’t, navigate the mortgage process solely within the limited timeframe of traditional business hours. They expect technology to service their demands and simplify their lives, whether it’s shopping, dating, arranging an Uber, trading their sneakers, or even a complex infrequent transaction, such as a home loan.”
In a growing percentage of cases, Rocket Mortgage has digitally verified income, credit, assets and even property valuations via third-party electronic interfaces. This capability has enabled homebuyers, according to the company, to eliminate paperwork entirely from the mortgage process, ensuring accuracy for the lender, virtually eliminating any compromise of highly sensitive data, and closing 12 days faster than industry averages.
For more information, please visit rocket.quickenloans.com.
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