Carol Williams, Retired Agent / Broker / Property Manager (Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals.)

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936,801
John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

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.

Mar 29, 2016 05:48 AM
Rainmaker
3,332,546
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

 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.

Mar 29, 2016 09:04 PM
Rainmaker
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Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

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

Mar 29, 2016 07:16 PM
Rainmaker
2,377,099
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

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.

Mar 29, 2016 06:42 PM
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Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

 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 ....

Mar 29, 2016 12:45 PM
Rainmaker
2,706,962
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

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

Mar 29, 2016 12:44 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

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.

 

Mar 29, 2016 11:18 AM
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Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

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.

Mar 29, 2016 10:11 AM
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Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

I've never heard of them. 

Mar 29, 2016 09:30 AM
Rainer
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DEANNA C. SMITH CERTIFIED MOBILE NOTARY
Certified Mobile Notary Signing Agent - Smith Mountain Lake, VA
Highest Ranked Certified Mobile Notary in Virginia

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 !

Mar 29, 2016 07:35 AM
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Carol,

I like what Michael Jacobs stated.  A

Mar 29, 2016 06:55 AM
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Yes, I think they are very misleading.  My experience with online lenders has been bad and worse.  

Mar 29, 2016 04:39 AM
Rainmaker
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Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

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!

Mar 29, 2016 04:33 AM
Rainmaker
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Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

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

Mar 29, 2016 04:16 AM
Rainmaker
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Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

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.   

 

Mar 29, 2016 02:42 AM
Rainmaker
420,735
Christopher Pagli
William Raveis Legends Realty Group - Tarrytown, NY
"I Stay Open Until You Close"

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.

 

 

Mar 29, 2016 02:31 AM
Rainmaker
848,545
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

REality check.

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

Mar 29, 2016 02:31 AM
Rainmaker
514,761
Greg Cremia
Shore Realty of the Outer Banks - Nags Head, NC

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.

Mar 29, 2016 01:50 AM
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Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

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'.

Mar 29, 2016 01:42 AM
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I do not trust any on line most company

Mar 29, 2016 01:41 AM
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Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

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.

Mar 29, 2016 10:15 PM
Rainmaker
634,222
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

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.

Mar 29, 2016 07:04 PM
Rainmaker
221,622
LuxurySoCalRealty Compass San Diego
Compass - La Jolla, CA
San Diego Partner - The Private Client Network

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 

Mar 29, 2016 02:24 PM
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

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

Mar 29, 2016 01:58 PM
Rainmaker
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Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

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.

Mar 29, 2016 04:10 AM
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

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

Mar 29, 2016 03:49 AM
Rainmaker
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Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

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

Mar 29, 2016 02:10 AM
Rainmaker
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Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

parked and reading

Mar 30, 2016 12:03 AM
Rainmaker
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Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

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

Mar 29, 2016 10:50 PM
Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I have not had any experience with them.

Mar 29, 2016 10:42 PM
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Consumers need to be very careful.

Mar 29, 2016 10:19 PM
Rainmaker
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Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

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

Mar 29, 2016 01:49 AM
Rainmaker
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Raymond E. Camp
Howard Hanna Real Estate Services - Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

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.

Mar 29, 2016 01:45 AM
Rainmaker
4,554,105
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

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

Mar 30, 2016 11:58 PM