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Classes from Rocket Mortgage: develop a hybrid home loan machine

Classes from Rocket Mortgage: develop a hybrid home loan machine

The meteoric development of Rocket Mortgage has demonstrated precisely what loan officers should do to carry on to remain competitive available on the market of the next day. The solution? Adopt a mortgage lending process that is hybrid.

A mortgage that is hybrid combines the original, relationship-heavy, lending practices with modern tools targeted at boosting and streamlining the method. Below, we’ll show you just how to get it done.

“I genuinely believe that branch loan officer is a dying career. ”

They were the language of Quicken Loans’ main economist, Bob Walters. Although Quicken Loans / Rocket home loan originated $79 billion in 2015 mortgage volume, we think the role regarding the loan officer isn’t dying, however it definitely has got to evolve.

The draw to Rocket Mortgage: home loan automation

Tech. Speed. Simpleness. They are the buzz terms you hear whenever reading about Quicken Loans’ Rocket Mortgage item.

Read involving the lines which is clear to see just just what REALLY drives their home loan prowess that is lending automation and effectiveness.

The outcomes are impractical to ignore. “Nonbank” lenders, like Quicken Loans, have observed their share of this mortgage market soar that is residential. In 2007, these nonbank loan providers originated 23% regarding the domestic home loan market. By 2014 that quantity had grown to 43%.

They’ve developed a method which makes it simple for a borrower that is potential submit the paperwork required to get an underwriting choice.

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