Rocket Mortgage is nothing more than smoke & mirrors.  It's simply a marketing ploy toward millenials - -- once they get in the door, the process is largely the same, the LO will have questions on any uploaded documents, UWs will be a pain in the butt, and the poor borrower will find out just how poor the process is at Quicken.

 We just say "no" to having them used in any part of a transaction....closing is what we all want...and this is more risk than I am willing to endorse.

I wince whenever a buyer wants to use an on line lender

Good morning Carol. The public is figuring it out, as I have been the beneficiary of new clients that have had horrible experience. Have written a post about such a client.

 I just had a client work through Quicken loans and it was smooth as can be and all I have seen on rocket mortgage is brochures ....

Haven't had any experience with online lenders and I always recommend local mortgage professionals for my clients.

I think that the real danger with online mortgages is that they are a perfect opportunity for ID theft, I cant imagine anyone giving this much info to a website.

I haven't dealt with Rocket Mortgage but have with some other online lenders. Some have done a good job and others have made it very difficult to close.

I've never heard of them. 

As a local lender who gives personalized service, obviously, I am biased.

Most of the online BIG name advertisers on TV are just phone banks and referral companies.   Their job is big budget advertising to draw you into their database and then they share that information with actual lenders.

Personally, I would not want my data floating around in cyberspace.   A prime target for Identity Theft.   How do you know who has it ?

Many clients are NOT computer savvy and would NOT do well in the "do it yourself" world.   For those that do go that route, they will get a taste of what I deal with every day.   After that, I doubt many of them will want to do it again in the future.   Thank goodness, . . . . . That's job security for me !

Carol,

I like what Michael Jacobs stated.  A

No experience with them.  Had some minimal experience with Quicken Loans when they got started.  I think any ad that makes any part of this process look easy is misleading!

On line lenders have NEVER worked out as well as a local lender for me.

I'm not sure they are misleading the public.  I think many in our industry discount those who have a different business model than the norm.  

Over the years, I have had a couple of clients use online lenders for purchases and I have requested they have another lender as a back-up. Each buyer was highly qualified and each transaction closed without a hiccup.   

I used to be wary about Quicken Loans but had two recent transactions with them and they were really smooth.  I guess it depends on the loan officer you are dealing with and where they are.

REality check.

Rocket is good for those with a 780 or higher score. (their words)

We had better get used to working with online lenders, because they are not going away. I have had good and bad with them, same as with live lenders.

No experience. And yeah, I imagine it can approve you after you give it access to all your financial documents and it reviews them . . . of course there will be a gazongagillion subject-tos. I am sure some have had great success with that . . . but we are our own planet here and an online lender will not know our 'tribal customs'.

I do not trust any on line most company

I've barely heard of them so can't really opine here, Carol. Most of my experience with on-line lenders has not been very satisfactory, but for one. I try to get my clients away from them.

No. I just closed a transaction where the buyer used them. They were very happy with the service and had no surprises. It is what it says it is, not really so different IMO than other offerings but more automation now.

Well not misleading. I think the issue is for those that Don't understand a program such as an arm or balloon, initial and lifetime cap rate, indice ect 

I've had successful transactions with several, eLend, Quicken and GoodLoans.  It's not my first choice, but I can work with anyone.

I do think it's misleading unless your score is 800+.

Quicken - not good in my past experience.

Buyers tell me I've gotten prequalified online - I tell them, sorry, it doesn't count. Have to talk to a live person no matter what your score.

Most online lenders I have experience with (though my buyers of course) is terrible.  And whenever I see that rocket mortgage commercial, I cringe.

I do not like it when I cannot speak to a lender face to face and try to explain that to buyers.

parked and reading

HORRIBLE, the consumer loses the service aspect becuase all they have is a 800 number, no local office, no real person to sit with and too many promises to come true

I have not had any experience with them.

Consumers need to be very careful.

Majority of them is misleading. Bait and switch til you find hidden fees not described earlier.

Had one deal with Quicken and had to switch to a local lender as they could not get the deal done.

Will not have them on my list of referral's.

Have not had any experience with them, but they sure do have lots of advertising dollars!