quicken loans news
Quicken Loans, the largest mortgage lender in the United States, has been making headlines lately with a variety of news stories. From new partnerships to innovative technologies, Quicken Loans is constantly working to improve the mortgage lending industry. Here are some of the latest updates from Quicken Loans:
In February 2019, Quicken Loans announced a new partnership with Airbnb that is designed to make it easier for Airbnb hosts to refinance their mortgages. The partnership allows Airbnb hosts to include rental income from their primary residence when applying to refinance their mortgage with Quicken Loans. This is a big deal because traditional mortgage lenders have typically been hesitant to consider rental income when calculating a borrower's debt-to-income ratio.
Under the new partnership, Quicken Loans will use a formula to determine how much rental income should be factored in when refinancing a mortgage for an Airbnb host. This will make it easier for Airbnb hosts to qualify for refinancing and could lead to lower interest rates and monthly payments.
Quicken Loans launched RocketPro TPO (Third-Party Origination), a new platform for mortgage brokers designed to streamline the loan process and improve communication between brokers and Quicken Loans. RocketPro TPO features an online portal where brokers can submit loans, check their pipeline status, and receive real-time updates.
The RocketPro TPO platform also offers brokers access to Quicken Loans' suite of mortgage products, which includes conventional, VA, and FHA loans, as well as jumbo and non-QM loans.
In order to make the mortgage process easier for consumers, Quicken Loans introduced Simplifier, a tool that allows borrowers to complete their mortgage application entirely online. With Simplifier, borrowers can submit their loan application and receive a pre-approval letter in as little as eight minutes.
Simplifier is designed to be user-friendly and intuitive, with borrowers guided through the application process step-by-step. Borrowers can also connect with a Quicken Loans mortgage banker at any time during the application process to ask questions or seek assistance.
Finally, it's worth noting the current mortgage rates available at Quicken Loans. As of September 2019, Quicken Loans was offering a 30-year fixed-rate mortgage with an interest rate of 3.625% and an APR of 3.88%. Quicken Loans was also offering a 15-year fixed-rate mortgage with an interest rate of 3.125% and an APR of 3.43%.
Of course, mortgage rates can change frequently, so it's always a good idea to check with Quicken Loans or another lender directly to see what rates are available.
With innovative partnerships, new platforms, and a commitment to making the mortgage process simpler and more streamlined, Quicken Loans is clearly a leader in the mortgage lending industry. Whether you're a borrower looking to refinance your existing mortgage or a broker seeking to improve your loan origination process, Quicken Loans has plenty to offer.
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| Loan Amount | $1,000 | $2,000 | $5,000 | $10,000 |
|---|---|---|---|---|
| Interest Rate | 24% | 19% | 13% | 8% |
| Loan Term | 12 Months | 24 Months | 48 Months | 60 Months |
| Fee | 3% | 5% | 8% | 10% |
| Fee Cost | $30 | $100 | $400 | $1,000 |
| Repayment | $94.56 | $100.82 | $131.67 | $202.28 |
| APR | 29.82% | 24.12% | 18.23% | 9.20% |
| Total Payments | $1,134.72 | $2,419.68 | $6,320.12 | $12,136.80 |
| Total Costs | $164.72 | $519.68 | $1,720.12 | $3,136.80 |
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