Industry NewsMortgage

‘Push Button, Get Money’ — is it really that easy?

As the Rocket Mortgage Super Bowl ad awakens mortgage crisis nightmares for some critics, Quicken Loans’ parent company releases RocketLoans
  • Rock Holdings' RocketLoans, announced Feb. 2, aims to pre-approve borrowers for personal loans in less than 10 minutes, with funding expected in less than a day.
  • This product launch comes after the backlash suffered by Quicken Loans for its Super Bowl 50 Rocket Mortgage commercial, which featured the “Push Button, Get Mortgage” slogan.
  • RocketLoans has emphasized that despite the speed of the approval process, the company only offers loan options to qualified borrowers.

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In the last three months, you may have seen advertisements from mortgage lender Quicken Loans encouraging online mortgage applicants to "Push Button, Get Mortgage." Now, Internet shoppers can use a similar process offered by Quicken’s parent company, Rock Holdings, to "Push Button, Get Money." RocketLoans, announced by Rock Holdings on Feb. 2, aims to pre-approve borrowers for personal loans in less than 10 minutes, with funding expected in less than a day. RocketLoans uses the same proprietary technology developed for Quicken’s Rocket Mortgage product, an online mortgage application launched in November that aims to pre-approve borrowers for mortgages in less than eight minutes. “The launch of the RocketLoans’ platform, coming right on the heels of the very successful launch of Rocket Mortgage, has established Detroit as one of the nation’s fintech leaders, and an epicenter of financial innovation,” said Dan Gilbert, chairman and founder of Rock Holdings. “W...