You’ll work entirely through the Rocket Mortgage platform during your transaction, but Quicken Loans is the company that actually processes and creates the loan behind the scenes.
Rocket vs. Quicken: The Same, But Different
Quicken Loans is the highest-volume lender in the U.S. when it comes to the total number of loans, originating over 541,000 in 2019, the most recent year for which statistics are available. The company launched Rocket Mortgage in 2015 to serve as its “online retail lending platform,” according to CEO Bill Emerson in a press release in November 2015. Quicken Loans has continued to operate a separate company website, but consumer applications are usually routed through the Rocket Mortgage platform, which is available online or via mobile app.
How Rocket Mortgage Works
The Rocket Mortgage application asks you a series of questions about your credit, your finances, and your potential home purchase. You’ll have to agree to a credit check and enter the passwords for your bank and other financial accounts. That allows the site to access and verify real-time financial data. You can make your monthly mortgage payments through the Rocket Mortgage website after your loan is closed.
Benefits of the Rocket Mortgage Platform
The Rocket Mortgage platform (and the online process it offers) is one of Quicken Loans’ biggest selling points. The company says it saves users both time and money. It’s certainly quick: Rocket Mortgage says it can approve a mortgage loan in just eight minutes. Rocket Mortgage also allows you to apply for a loan from anywhere using a computer or mobile device, and it requires no physical paperwork. The site imports your financial data, so there’s no need to fax, scan, or upload any financial documents. You can chat with your loan officer online, and e-signatures are accepted. The company is also highly rated by past buyers. According to J.D. Power’s 2018 U.S. Primary Mortgage Origination Satisfaction Study, Quicken Loans claims the highest customer satisfaction levels in the country and had for nine straight years as of 2018.
Downsides of Rocket Mortgage
The biggest drawback of using Rocket Mortgage by Quicken Loans is that you have less guidance than you would if you were applying over the phone or in person. Yes, you have the option to chat or contact a “Home Loan Expert,” but it’s not required in most cases. This lack of hand-holding can make the overall mortgage process seem more confusing and intimidating for first-time homebuyers. It’s also not the best option for buyers with poor credit or those who are self-employed. Rocket Mortgage requires a minimum credit score of 580, and self-employed applicants must work with an agent in order to get approved.
Who Should Use Rocket Mortgage?
Rocket Mortgage was created by Quicken Loans to allow buyers to conduct the entire mortgage transaction online. You can reach out to an agent on the platform if you’re not comfortable inputting your financial data online or if you have questions. Rocket Mortgage uses bank-level encryption to protect any data transmitted on its platform so you can apply and manage your mortgage right from home.
