Buying a house or an apartment is a lot of work. Applying for a mortgage to complete the purchase typically means multiple trips to the broker/bank/realtor etc. Reams of documentation, questions and forms. Fintech startups have been addressing many of the analog challenges by providing digital solutions to streamline processes and provide consumers with a far better experience. Quicken Loans, not exactly startups, is showing its software engineering cred by launching “Rocket Mortgage”.
Dan Gilbert, saviour of Detroit and owner of the Cleveland Cavaliers, chatted about the new service to CNBC during the Detroit Auto Show last week. Gilbert explained that it took in-house engineers about 3 years to craft their application – but now it is ready to go. And how did Quicken Loans accomplish this rather daunting task? They interfaced with banks, appraisers, credit data etc. Pump in your data and they check it all out.
Gilbert built Quicken Loans from the ground up – so he knows a thing or two about entrepreneurship, innovation and risk. Perhaps some of the big banks could take a lesson, or two, from Gilbert.
Watch the video below.