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.
- 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.