Desks and chairs are fancy, adjustable, ergonomic affairs the bathrooms have televisions set to sports channels. Quicken tries to ensure good customer service by keeping its own employees happy.
For customers who are confused or whose applications are unusually complicated, help is available by phone or e-mail.
#Quicken wholesale login software#
The underlying software conducts a quick electronic sweep of the applicant’s financial records, along with any available data about the property to be purchased. It claims customers can fill out an online application and receive a decision on its latest offering, Rocket Mortgage, within eight minutes. Instead Quicken aims to compete on service. Its interest rates are typically 0.25-0.4 percentage points higher than the cheapest alternatives. But because it relies on relatively expensive wholesale funding, it would struggle to compete with other providers on price. It helps that Quicken can sell its mortgages through Fannie and Freddie, and so does not need a huge balance-sheet to finance them. As a result, the mortgage business is absurdly fragmented. So although mortgages may seem much the same to borrowers across the country, the firms that offer them have long assumed that they need a local presence to conform with the tangle of rules. Then there are overlapping federal rules, especially regarding mortgages to be securitised and sold through Fannie Mae and Freddie Mac, two government-backed entities. Local bylaws in many cities and counties also affect property purchases. Despite (or perhaps because of) breaking all these conventions, it is the fastest-growing firm in the industry: its new lending has risen from $12 billion in 2008 to $79 billion last year.Īmerica’s 50 states all have slightly different laws regarding mortgages. Nor does it take deposits, relying on wholesale funding to finance its lending. It does not have any branches, interacting with its customers online and by telephone instead. But the second-biggest mortgage firm, Quicken Loans, does business completely differently. The third- (Bank of America) and fourth-biggest (JPMorgan Chase) providers follow a similar model.
WELLS FARGO, America’s biggest provider of retail mortgages, drums up custom, and cheap funds to lend, through its 6,246 branches.
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