Skip to main content

Quicken Loans Super Bowl Ad Controversy. Team Thayer #realestate #Housing # news #quickenloans #suoerbowl

Detroit-based Quicken Loans, the third-largest mortgage lender in the country, drew some strong reactions for a commercial promoting its Rocket Mortgage program—a phone app that allows users to qualify for a mortgage loan in as little as eight minutes—that aired during the Super Bowl on Sunday.
Quicken bills the Rocket Mortgage program as a “a fast, powerful, and completely online way to get a mortgage” with a slogan that says simply, “Push button. Get mortgage.” Critics of the program, who came out in droves on Twitter under #RocketMortgage after the commercial's airing on Sunday, say this program is a return back to the same loose underwriting standards that led to massive mortgage defaults and eventually caused the housing crash and subsequently the Great Recession.
The narrator in the ad poses the question, “What if we did for mortgages what the Internet did for buying music and plane tickets and shoes?” A tweet from Quicken states that the Rocket Mortgage program is “making the mortgage screening program look a little less intimidating.”
The airing of the ad during the Super Bowl triggered a barrage of criticism on Twitter, much of which came from journalists. Housing experts, economists, and analysts were notably absent from the Twitter firestorm on the Rocket Mortgage program, which begs the question: Is any of the criticism warranted, or are all the Rocket Mortgage critics in a panic over nothing?
One notable tweet came from the Consumer Financial Protection Bureau which tweeted, “When it comes to mortgages, take your time, ask questions, and know before you owe.” Quicken responded to that tweet with one of its own, saying that "We agree. No better way than  for full transparency into mortgage options & info needed to make the right decision."
Quicken did not immediately respond to a request from DS News for comment on the reaction to the Super Bowl ad. When the Rocket Mortgage program was launched in November 2015, Quicken CEO Bill Emerson stated, “Quicken Loans has been the clear leader in mortgage technology for almost two decades. We changed the mortgage industry when we created the first 50-state online retail lending platform that has since helped millions of Americans achieve their home financing goals, while experiencing the best client service in the nation, Today, we took another monumental leap forward with the launch of Rocket Mortgage, which brings simplicity and clarity to the home loan process like never before, while delivering solutions at unimaginable speed.”
Quicken states on its website that “More than 500 Detroit-based developers, designers, QA technicians and business analysts from QL Labs—Quicken Loans’ technology innovation team—have worked for over three years to completely redesign the highly complex mortgage process.”
The Rocket Mortgage program did not just draw criticism, however. Several journalists from prominent publications came to Quicken's defense on Monday.
Wall Street Journal writer Nick Timiraos said on that publication’s blog on Monday that Quicken is not advocating loose lending standards, but rather “Quicken is betting that its competitive advantage against other lenders comes from making what has become an invasive mortgage-screening process a little less intimidating, and it’s rolling out a phone app to do it.” Quicken’s research suggests many qualified would-be homeowners “don’t want to get engaged because they’re afraid of the process,” according to Emerson in Timiraos’ blog post. “If we could give them an opportunity to interact with technology, understand the operation, maybe we could get some of these folks who qualify off the sidelines.”
Rena Foroohar, assistant managing editor and columnist with Time, does not believe the criticism of the Rocket Mortgage program is warranted. On Monday, she published a piece titled "No, the Rocket Mortgage Ad is Not the Sign of Another Financial Apocalypse."
"There is no consumer housing credit bubble brewing right now–quite the opposite," Foroohar wrote. "The housing recovery right now is being driven not by first-time homebuyers or people who want to trade up but by the wealthiest and investors."
This is how you promote consumption . So Sad.> Super Bowl Ad: What We Were Thinking | Quicken Loans via

Why didn't we think of this before? (say all five year olds)

Tim Logan  ✔@bytimlogan
This Quicken Loans "Rocket Mortgage" Super Bowl ad. Wow...https://www.youtube.com/watch?v=QlRm6Y5iVfw&feature=youtu.be … It's like the housing bubble never happened!
12:00 PM - 29 Jan 2016

 
 
 
Photo published for Quicken Loans Super Bowl Ad: No, This Isn’t Housing Apocalypse 2.0

justin lee thayer
Justin Lee Thayer 541 543 7287
Location: Eugene, OR 97405, USA

Popular posts from this blog

Grass Seed Video

Read more

When Will Bank Foreclosurews ‘Normalize’? Team Thayer #realestate #investor #housing #market #news #oregon

With much of the talk surrounding the housing market centered on “normalization” or returning to its pre-crisis state, one metric which the market is watching is the distressed sales share—the share of REO and short sales that comprise total residential home sales. For February 2016, the distressed sales share declined by 2.9 percentage points over-the-year (and 0.4 percentage points over-the month) down to 11 percent, according to  data released by CoreLogic  on Thursday. At their peak in January 2009, distressed sales accounted for nearly one-third of all residential home sales (32.4 percent) but has been declining steadily since then. By comparison, the pre-crisis share of distressed sales was typically around 2 percent; CoreLogic estimates that if the current rate of year-over-year decline continues, the distressed sales share will reach the “normal” pre-crisis level in slightly more than two years. “Prior to the housing crash, the distressed share of total...
Read more

Bankruptcy Filings Dip Even Lower! Team Thayer #realestate #housing #market #investor #News #oregon

Bankruptcy Filings Dip Lower Nationwide bankruptcy filings were 5 percent lower in October 2016 compared with a year earlier, falling even lower than last month’s reported decrease, according to October 2016 AACER bankruptcy data reported by Epiq Systems. Bankruptcy filings totaled 63,042 in October, which was an increase from September’s total of 64,614, and was approximately 2.4 percent higher than October 2015’s total of 63,042 (an increase of 1,572).  Year-to-date, there have been 656,125 bankruptcy filings nationwide for the past nine months of 2016 (about 65,613 per month), down from 2015’s year-to-date total through the end of October of 700,014 (about 70,001 per month). The average number of filings per day in October 2016 was 3,152 over 20 days, which is an increase from September’s daily average of 3,077 over 21 days. The extra filing day in September compared to October accounts for the slight increase in the number of filings in September; had October feature...
Read more