Quicken Loans launches Rocket Mortgage

Online mortgage application aims to give prospective buyers preapproval letters in about eight minutes
  • Rocket Mortgage is designed to pre-approve qualified buyers in as little as eight minutes.
  • It has desktop and mobile functionality. Consumers can generate preapproval letters on the spot if qualified.

After working for more than three years to make the mortgage process simpler and more accessible for potential homebuyers, Quicken Loans has taken the wraps off a new online mortgage application. The Detroit-based lender’s new Rocket Mortgage — so named because receiving a loan approval takes about eight minutes, or roughly the length of time it takes a space shuttle to reach orbit — is designed to meet the needs a specific group of potential buyers, said product lead Regis Hadiaris.