April 23, 2018

Quicken Loans' Super Bowl Ad Generates Buzz

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Quicken Loans' Super Bowl Ad Generates Buzz

Quicken Loans’ Super Bowl 50 commercial promoting its Rocket Mortgage app has sparked discussion online, including questions about whether the lender is making getting a mortgage too easy now.

In the 60-second commercial spot, the company touts: “You can get a mortgage from your phone.” The company says in the commercial that making the mortgage process easier would, in turn, create more home owners and lead to a more robust economy.

But on social media, viewers were quick to express concerns that making it too easy to get a mortgage could bring about a second housing crisis by extending loans to unqualified borrowers.

The Consumer Financial Protection Bureau even weighed in to the Twitter blitz, warning consumers to be wary of technology in the mortgage application process (although it doesn’t refer to Quicken Loans by name).

Quicken Loans’ Rocket Mortgage doesn’t underwrite mortgages by just a tap on your smartphone. Instead, the company says it’s a way to skip the verbal interaction with a lender over the phone when consumers seek to obtain their rate options and will make shopping for a loan quicker.

Read more: DIY Mortgage Applications

Its commercial has certainly gotten people talking on social media, and Quicken Loans has been quick to engage with customers back on social media who have expressed concerns.

“By using social media to interact directly with consumers, Quicken provided an opportunity to engage with people who are either uninformed about the mortgage process or haven't even given any thought to the idea of buying a home, and answer their questions in real time,” the National Mortgage News reports.

Source: “Quicken Renews Debate Over How Fast Is Too Fast to Get a Mortgage,” National Mortgage News (Feb. 8, 2016)