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3/10/2016

Rocket Mortgage - Woosh Takes Money Right Out of Your Bank Accounts


Rocket Mortgage says they can speed 
you to close your loan
BUT
Four downsides with this idea:
#1  A Borrower’s submitting personal 
documentation (unfiltered) straight into 
Underwriting is a terrible idea. 
No Borrower can edit and interpret 
and dig like I can. 
Some paperwork is best left out. 
Once it is seen, it can't be ignored.  
Every loan is a custom fit.

#2   I would never log into my bank through
 Quicken for asset verification.  
Quicken is capturing my login and password. 
They can take money out of the accounts.

#3    After the initial “rush” to approval, 
quicken admits that their process
 to close is no different than any other company.

#4   Borrowers lose their lateral vision 
in finding alternative loan products, 
the whole reason for going to a professional 
Loan Officer. 

Although outside industry thinks
a monkey, artificial intelligence AI or some
snazzy system can put a puzzle together - it
isn't just product knowledge that is necessary
- knowing what to put in the file, what 
to edit, and how to explain is Vital.

C. G. Barbeau
The Loan Answer Lady
(949) 784-9699


Link below from Article written by a Mortgage Guy from Quicken


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