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Originators unfazed by new competitor

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Mortgage Professional America | 27 Nov 2015, 06:30 AM Agree 0
A new online program that is meant to help clients secure mortgages in mere minutes can’t replace the services provided by a mortgage officer, say originators
  • | | 27 Nov 2015, 04:24 PM Agree 0
    Dan Gilbert is a brilliant marketer. A master of making things appear other than what they really are. Until the tolerance caps of the GFE and now LE, Rock Financial aka Quicken Loans was a bait & switch on rate. With the new restrictions he now takes bait & switch to capturing consumers information only to tell them they will need to talk with a human being versus providing an approval that does not require consumer supplying supporting documentation. Here are the initial reviews: http://techcrunch.com/2015/11/24/this-could-be-the-mortgage-industrys-iphone-moment/

    Quicken Loans is trying to get out in front of Fannie Mae's creating the automated verifications through DU. Quicken wants to make consumers believe it was Quicken Loans that created this automated process. To understand Dan Gilbert's making things appear other than what they really are, you need to be able to read his superlatives. Example, Quicken Loans claims Highest in Customer Satisfaction in the U.S. in Primary Mortgage Originations. To a consumer that has not read the criteria for the JD Power syndicated research, it only studied 12 Originators when comparing Quicken Loans. NMLS has licensed 15,547 Originator Companies and 10,434 registered federal origination companies. Thus, Quicken Loans does not provide the facts that they were #1 of only 4.6% of the Primary Mortgage Originators. This is just one example of Dan Gilbert's making things appear other than what they really are.

    The consumers are easy targets for Dan Gilbert's marketing wizardry. The Rocket Mortgage is currently nothing more than yet another Dan Gilbert bait & switch marketing tool.
  • Ashby | | 30 Nov 2015, 08:00 AM Agree 0
    Quicken Loans is a joke - always has been. I love it when a potential client tells me they are shopping me against Quicken - that means I have already won!
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