Many of the millions who have seen Rocket Mortgage’s commercial probably have thought, “Cool. I can get a home loan on my lunch break.” But to others, it sounds like the next mortgage crisis in the making.
Laurie Goodman, director of the Urban Institute’s Housing Finance Policy Center, doesn’t share the misgivings.
“This isn’t a revival of the 2005-07 lending standards,” she says. “It’s an automated, less cumbersome way to collect information.”
With Rocket Mortgage, a tool from online lender Quicken Loans, you can be approved in as little as eight minutes, say its developers, by providing details about income, assets and the property you’re buying through an online form. Rather than uploading the key documents yourself, you permit Rocket to link directly to public and private data sources, such as your bank account, to verify your information.
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